{"id":4000,"date":"2026-09-22T10:17:32","date_gmt":"2026-09-22T10:17:32","guid":{"rendered":"https:\/\/www.yardimatrix.com\/blog\/?p=4000"},"modified":"2026-09-22T10:17:34","modified_gmt":"2026-09-22T10:17:34","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% in August, down 90 basis points year-over-year.<\/li>\n\n\n\n<li>National full-service equivalent listing rates averaged $33.2 per square foot, up 1.7% year-over-year.<\/li>\n\n\n\n<li>The national construction pipeline totaled 32.4 million square feet underway, representing 0.5% of existing stock.<\/li>\n\n\n\n<li>Office sales volume reached $42.7 billion as of August, with properties trading for an average of $205 per square foot.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-loan-maturities-loom-in-high-vacancy-metros\">Loan maturities loom in high-vacancy metros<\/h2>\n\n\n\n<p>About 14,000 office properties carry loans that recently matured or will mature by the end of 2028. Together, these loans total $289.2 billion, or 33.5 percent of all office loan volume. Lenders originated 58.8 percent of the maturing loans before 2021, when expectations for office demand were stronger.<\/p>\n\n\n\n<p>Eight of the top 25 office metros had vacancy rates above 20%. These markets accounted for $61.6 billion in maturing loans, with 54.9% of that volume originated before 2021. Seattle faced $8.3 billion in maturities alongside a 24.7% vacancy, while the Bay Area had $13.5 billion in maturing loans and San Francisco had $12.6 billion.<\/p>\n\n\n\n<p>The national office vacancy rate stood at 17.8 % in August, 90 basis points lower than a year ago. Manhattan recorded the lowest vacancy among the top 25 metros at 10.2%, following a 340-basis-point year-over-year decline.<\/p>\n\n\n\n<p>The national full-service equivalent listing rate was $33.2 per square foot, down 38 cents from July but up 1.7% year-over-year. Manhattan had the highest average asking rate at $72.7 per square foot, followed by San Francisco at $65.41 per square foot.<\/p>\n\n\n\n<iframe title=\"Top 10 Markets for Construction Activity\" aria-label=\"Table\" id=\"datawrapper-chart-ZPUO4\" src=\"https:\/\/datawrapper.dwcdn.net\/ZPUO4\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"533\" 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-cbd-construction-pipeline-contracts\">CBD construction pipeline contracts<\/h2>\n\n\n\n<p>The national construction pipeline totaled 32.4 million square feet in August, accounting for 0.5% of stock. CBDs had just 2.7 million square feet underway, representing 0.2% of stock and a 61.3% year-over-year decline. By comparison, 17.2 million square feet were underway in urban areas and 12.4 million square feet in suburban markets.<\/p>\n\n\n\n<p>Office investment totaled $42.7 billion across 1,850 transactions closed through August. Properties sold for $205 per square foot on average, with Manhattan leading sales volume at $5.2 billion, followed by the Bay Area at $3.4 billion.<\/p>\n\n\n\n<p>Atlanta pricing increased to an average of $158 per square foot in 2026 after three consecutive years of declines. Even with the improvement, prices remained 32.8% below the metro\u2019s 2022 peak of $235 per square foot and 7.1% below 2019 levels.<\/p>\n\n\n\n<p>CBD properties also faced greater valuation pressure than assets in other locations. Since 2024, 73% of CBD properties with comparable prior sale prices have traded at a discount, compared with 48% of urban properties and 42% of suburban properties. Continued flight to quality has concentrated tenant demand in fewer buildings as companies reassess their long-term space needs.<\/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-september-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\">September 2026<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Report highlights Loan maturities loom in high-vacancy metros About 14,000 office properties carry loans that recently matured or will mature by the end of 2028. Together, these loans total $289.2 billion, or 33.5 percent of all office loan volume. Lenders originated 58.8 percent of the maturing loans before 2021, when expectations for office demand were [&hellip;]<\/p>\n","protected":false},"author":2991,"featured_media":10857,"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 August 2026, the national office vacancy rate stood at 17.8%, representing a 90-basis-point year-over-year drop.\" \/>\n<meta name=\"robots\" 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