{"id":4000,"date":"2026-10-27T07:45:37","date_gmt":"2026-10-27T07:45:37","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4000"},"modified":"2026-10-27T07:45:39","modified_gmt":"2026-10-27T07:45:39","slug":"us-office-market-outlook","status":"publish","type":"post","link":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/","title":{"rendered":"U.S. Office Market Outlook \u2013 September 2026"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-report-highlights\">Report highlights<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The national office vacancy rate stood at 17.8% at the end of September, down 80 basis points year-over-year<\/li>\n\n\n\n<li>National full-service equivalent listing rates averaged $33.18 per square foot, down two cents from August but up 1.2% year-over-year<\/li>\n\n\n\n<li>The office construction pipeline featured 32.2 million square feet under development, representing 0.5% of total stock<\/li>\n\n\n\n<li>Office sales totaled $50.5 billion across 2,272 transactions through September, with properties trading at an average of $197 per square foot<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-vacancy-falls-listing-rates-rise\">Office vacancy falls, listing rates rise<\/h2>\n\n\n\n<p>The national office vacancy rate reached 17.8% in September, marking an 80-basis-point decrease from the same period last year. Despite the improvement, several major metros continued to record elevated vacancies, led by San Francisco at 26.7%, Seattle at 24.8% and Austin at 24.5%.<\/p>\n\n\n\n<p>Dallas recorded one of the largest annual improvements, with vacancy falling 360 basis points to 18.6%. Meanwhile, San Diego continued to face pressure from excess supply, with vacancy increasing 140 basis points year-over-year to a record 23.7%.<\/p>\n\n\n\n<p>The national full-service equivalent listing rates averaged $33.18 per square foot in September, down two cents from August but up 1.2% year-over-year. Manhattan remained the most expensive office market, with asking rates averaging $72.03 per square foot, followed by San Francisco at $64.92 and Miami at $61.26.<\/p>\n\n\n\n<iframe title=\"Top 10 Markets for Construction Activity\" aria-label=\"Table\" id=\"datawrapper-chart-p9o6x\" src=\"https:\/\/datawrapper.dwcdn.net\/p9o6x\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"530\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">(function(){function e(){window.addEventListener(`message`,function(e){if(e.data[`datawrapper-height`]!==void 0){var t=document.querySelectorAll(`iframe`);for(var n in e.data[`datawrapper-height`])for(var r=0,i;i=t[r];r++)if(i.contentWindow===e.source){var a=e.data[`datawrapper-height`][n]+`px`;i.style.height=a}}})}e()})();<\/script>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-development-remains-subdued\">Office development remains subdued<\/h2>\n\n\n\n<p>The national pipeline comprised 32.2 million square feet as of September, accounting for just 0.5% of existing inventory. Office completions are expected to bottom out at approximately 26 million square feet in 2027, as developers remain cautious amid rising construction costs.<\/p>\n\n\n\n<p>Manhattan led the nation with nearly 3.6 million square feet underway, followed by Dallas, with 3.3 million and Boston, with approximately 3 million. Miami recorded the largest pipeline relative to existing inventory at 3.2%, with construction and planned projects together accounting for 7% of its stock.<\/p>\n\n\n\n<p>Office investment activity totaled $50.5 billion through September, with assets trading at an average of $197 per square foot. Manhattan led the nation in investment activity, with $5.7 billion in sales. Metros that followed include the Bay Area ($4.6 billion) and Dallas ($3.7 billion).<\/p>\n\n\n\n<p>Read the full Yardi Matrix Office Market Outlook: <a href=\"https:\/\/www.yardimatrix.com\/office-national\/office-national-report-october-2026\/\" data-type=\"link\" data-id=\"https:\/\/www.yardimatrix.com\/office-national\/office-national-report-october-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\">October 2026<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Report highlights Office vacancy falls, listing rates rise The national office vacancy rate reached 17.8% in September, marking an 80-basis-point decrease from the same period last year. Despite the improvement, several major metros continued to record elevated vacancies, led by San Francisco at 26.7%, Seattle at 24.8% and Austin at 24.5%. Dallas recorded one of [&hellip;]<\/p>\n","protected":false},"author":2991,"featured_media":10977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[20,4],"tags":[427],"class_list":["post-4000","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-market","category-real-estate-trends","tag-office-market-outlook"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>U.S. Office Market Outlook | Yardi Matrix Blog<\/title>\n<meta name=\"description\" content=\"As of September 2026, the national office vacancy rate stood at 17.8%, representing a 80-basis-point year-over-year drop.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Office Market Outlook \u2013 September 2026\" \/>\n<meta property=\"og:description\" content=\"As of September 2026, the national office vacancy rate stood at 17.8%, representing a 80-basis-point year-over-year drop.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Matrix Blog\" \/>\n<meta property=\"article:published_time\" content=\"2026-10-27T07:45:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-10-27T07:45:39+00:00\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2026\/09\/iStock-1405004417.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Simona Tudose\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"U.S. Office Market Outlook | Yardi Matrix Blog","description":"As of September 2026, the national office vacancy rate stood at 17.8%, representing a 80-basis-point year-over-year drop.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/","og_locale":"en_US","og_type":"article","og_title":"U.S. Office Market Outlook \u2013 September 2026","og_description":"As of September 2026, the national office vacancy rate stood at 17.8%, representing a 80-basis-point year-over-year drop.","og_url":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/","og_site_name":"Yardi Matrix Blog","article_published_time":"2026-10-27T07:45:37+00:00","article_modified_time":"2026-10-27T07:45:39+00:00","author":"Simona Tudose","twitter_card":"summary_large_image","twitter_image":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2026\/09\/iStock-1405004417.jpg","twitter_misc":{"Written by":"Simona Tudose","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#article","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/"},"author":{"name":"Simona Tudose","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4"},"headline":"U.S. Office Market Outlook \u2013 September 2026","datePublished":"2026-10-27T07:45:37+00:00","dateModified":"2026-10-27T07:45:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/"},"wordCount":323,"commentCount":0,"publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2026\/09\/iStock-1405004417.jpg","keywords":["Office Market Outlook"],"articleSection":["Office Market","Real Estate Trends"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/","url":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/","name":"U.S. Office Market Outlook | Yardi Matrix Blog","isPartOf":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#primaryimage"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2026\/09\/iStock-1405004417.jpg","datePublished":"2026-10-27T07:45:37+00:00","dateModified":"2026-10-27T07:45:39+00:00","description":"As of September 2026, the national office vacancy rate stood at 17.8%, representing a 80-basis-point year-over-year drop.","breadcrumb":{"@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#primaryimage","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2026\/09\/iStock-1405004417.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2026\/09\/iStock-1405004417.jpg","width":3863,"height":2578,"caption":"Image by AerialPerspective Works\/iStockPhoto.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardimatrix.com\/blog\/us-office-market-outlook\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardimatrix.com\/blog\/"},{"@type":"ListItem","position":2,"name":"U.S. Office Market Outlook \u2013 September 2026"}]},{"@type":"WebSite","@id":"https:\/\/www.yardimatrix.com\/blog\/#website","url":"https:\/\/www.yardimatrix.com\/blog\/","name":"Yardi Matrix Blog","description":"Stay current with the latest commercial real estate market trends and forecasts","publisher":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardimatrix.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.yardimatrix.com\/blog\/#organization","name":"Yardi Matrix","url":"https:\/\/www.yardimatrix.com\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","contentUrl":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2020\/11\/Inline_Matrix_Color_es-1.jpg","width":200,"height":39,"caption":"Yardi Matrix"},"image":{"@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.linkedin.com\/company\/yardi-matrix\/","https:\/\/www.youtube.com\/channel\/UCRHgAZL4YoyeNEdiRN5uj0g"]},{"@type":"Person","@id":"https:\/\/www.yardimatrix.com\/blog\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4","name":"Simona Tudose","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/980bdb23420839882a5455976fc93a747b804be5a099e8c9d0be6de18487956a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/980bdb23420839882a5455976fc93a747b804be5a099e8c9d0be6de18487956a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/980bdb23420839882a5455976fc93a747b804be5a099e8c9d0be6de18487956a?s=96&d=mm&r=g","caption":"Simona Tudose"},"description":"Simona Tudose is an Associate Editor with Commercial Property Executive and Multi-Housing News. She joined the CPE-MHN team in July 2022 and writes news about industrial, office and manufactured housing sectors. You can reach out to her at simona.tudose@cpe-mhn.com.","url":""}]}},"jetpack_featured_media_url":"https:\/\/www.yardimatrix.com\/blog\/wp-content\/uploads\/sites\/39\/2026\/09\/iStock-1405004417.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4000","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/users\/2991"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/comments?post=4000"}],"version-history":[{"count":9,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4000\/revisions"}],"predecessor-version":[{"id":10984,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/posts\/4000\/revisions\/10984"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media\/10977"}],"wp:attachment":[{"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/media?parent=4000"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/categories?post=4000"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardimatrix.com\/blog\/wp-json\/wp\/v2\/tags?post=4000"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}