Office investment volume at the end of the first quarter of 2026 generated $12.8 billion, with properties selling for $220 per square foot on average.<\/li>\n<\/ul>\n\n\n\nVacancy improves among most markets<\/h2>\n\n\n\n
As of March, the national office vacancy rate reached 17.8 percent\u2014210 basis points lower from a year ago. Vacancy recovery is scattered among major markets. Austin remained the metro with the highest rate nationwide, at 26.3 percent despite a 230-basis-point decline from its peak in 2025. This high value is tied to the metro\u2019s excess new supply. As such, Austin\u2019s office pipeline began to contract in recent months, relieving some of the stress from oversupply.<\/p>\n\n\n\n
On the opposite end of the list was Miami\u2019s 12.5 percent, the lowest vacancy rate nationwide. Manhattan followed with 13.1 percent. As for vacancy recovery, San Francisco led the charts with a 540-basis-point decline from a year ago.<\/p>\n\n\n\n
The national average full-service equivalent listing rate was $32.80 per square foot in March\u2014up one cent from a month ago but down 1.8 percent year-over-year. Manhattan led the charts once again for office rents, with listing reaching $69.80 per square foot, followed by San Francisco\u2019s $62.73 per square foot.<\/p>\n\n\n\n