Office investment volume reached $4 billion during the first month of the year, with office properties selling at an average sale price of $278 per square foot.<\/li>\n<\/ul>\n\n\n\nVacancy continues improvement<\/h2>\n\n\n\n
As of January, the national office vacancy rate fell at 18.2 percent\u2014150 basis points lower year-over-year and 20 basis points from the previous month. Despite notable decreases in vacancies, there are still several metros with elevated levels, especially tech-heavy markets. Among the top 25 U.S. markets, Seattle recorded the highest January rate at 27 percent. Austin (26.4 percent) and San Francisco (24.7 percent) followed. Manhattan posted the lowest rate nationwide, at 13.1 percent in January, followed by Miami (13.9 percent).<\/p>\n\n\n\n
Markets with notable vacancy improvements include San Francisco (-460 basis points), Houston (-380 basis points) and Manhattan (-350 basis points), on a year-over-year basis. On the other hand, the highest increases were recorded in Orlando (290 basis points).<\/p>\n\n\n\n
The national full-service equivalent listing rate stood at $32.55 per square foot in January 2026\u2014down 31 cents from the previous month and 2.5 percent year-over-year. Manhattan remained the leader for office rents, at $67.36 per square foot, followed by San Francisco\u2019s $63.84 per square foot. Detroit\u2019s $21.68 per square foot kept it as the metro with the lowest average rents in the U.S.<\/p>\n\n\n\n