Office investment volume during the first two months of 2026 generated $7.8 billion, with properties selling for $218 per square foot on average.<\/li>\n<\/ul>\n\n\n\nVacancy recovery continues<\/h2>\n\n\n\n
As of February, the national office vacancy rate continued to fall at 17.6 percent\u2014200 basis points lower year-over-year. The vacancy improvement is scattered nationwide, with only eight of the top 25 U.S. office markets with rates above 20 percent in February.<\/p>\n\n\n\n
Denver recorded the steepest year-over-year, with a vacancy rate clocking in at 19.8 percent, representing a 520 basis points decline. Other markets with notable decreases include the Bay Area (-420 basis points), Houston (-390 basis points) and San Francisco (-360 basis points).<\/p>\n\n\n\n
Among the top 25 U.S. markets, Seattle\u2019s rate remained the highest in February, at 25.1 percent. Austin (24.6 percent) and San Francisco (24.2 percent) followed. Miami recorded the lowest rate nationwide at 12.8 percent, followed by Manhattan (13.1 percent).<\/p>\n\n\n\n
The national full-service equivalent listing rate stood at $32.79 per square foot in February\u201424 cents up from the previous month but 1.9 percent lower from a year ago. Manhattan remained the top metro for office rents, at $73.45 per square foot, followed by San Francisco\u2019s $62.54 per square foot. The lowest average rents in the U.S. were recorded again in Detroit, at $21.78 per square foot.<\/p>\n\n\n\n