Office investment volume generated $23 billion, with properties selling for $213 per square foot on average.<\/li>\n<\/ul>\n\n\n\nSan Francisco leads vacancy recovery<\/h2>\n\n\n\n
As of May, the national office vacancy rate reached 17.6 percent\u2014180 basis points lower year-over-year. Manhattan recorded the lowest rate nationwide, at 13.1 percent, representing a 260-basis-point decrease over the past 12 months. Miami\u2019s 13.2 percent followed.<\/p>\n\n\n\n
San Francisco\u2019s 23.3 percent rate represented the highest improvement nationwide at a 520-basis-point decrease year-over-year. The metro\u2019s rate declined from the 29.3 percent peak recorded in January 2025. Office employment began to stabilize after several years of layoffs in the tech sector. Coupled with growing AI adoption, this helped stall San Francisco\u2019s declining office employment and pushed down vacancy<\/p>\n\n\n\n
The national full-service equivalent listing rate stood at $33.61 per square foot\u2014up 70 cents from the previous month and 1.4 percent lower year-over-year. Manhattan remained the leader for office rents, with listing at $69.29 per square foot. San Francisco\u2019s $62.11 per square foot followed.<\/p>\n\n\n\n