Office investment activity reached $53 billion at the end of December 2025, with properties selling at $192 per square foot.<\/li>\n<\/ul>\n\n\n\nVacancies decline<\/h2>\n\n\n\n
As of December 2025, the country\u2019s office vacancy rate fell again, at 18.4 percent\u2014representing a 10-basis-point drop from the previous month and a 140-basis-point decline year-over-year. The vacancies began to drop in recent months, from the peak in March 2025 to the 18.4 percent December rate, with 17 of the top 25 U.S. markets recording a decrease throughout 2025.<\/p>\n\n\n\n
The metros with notable improvements include Houston (-430 basis points), San Francisco (-370 basis points), the Bay Area (-320 basis points), and Manhattan (-300 basis points). Meanwhile, Orlando and San Diego still posted year-over-year increases, with 310 basis points and 270 basis points jumps, respectively.<\/p>\n\n\n\n
Austin and Seattle remained the markets with the highest vacancies in the country, at 27.3 percent and 27.2 percent, respectively. On the opposite end is Manhattan with 13.6 percent\u2014the lowest rate nationwide.<\/p>\n\n\n\n