Office transaction volume hit $48.1 billion as of November, with office assets trading at an average sale price of $190 per square foot.<\/li>\n<\/ul>\n\n\n\nModest improvement in vacancy<\/h2>\n\n\n\n
As of November, the national office vacancy rate fell at 18.5 percent\u201490 basis points lower year-over-year. Among the top 25 U.S. office markets there were 16 metros where the rate improved during the first 11 months of 2025. However, elevated levels persist across several markets, such as Austin, that recorded the highest November rate nationally at 26.8 percent.<\/p>\n\n\n\n
Seattle followed closely, with 26.6 percent, while the lowest vacancy rate was recorded in Miami, at 11.9 percent. Another bright spot was Manhattan, where the vacancy rate reached 13.4 percent in November\u2014the second-lowest in the country-representing a 310-basis-point year-over-year decline. Meanwhile, Twin Cities stood out for vacancy deterioration, reaching 17.8 percent in November, marking a 190-basis-point increase over the past 12 months. Ameriprise Financial’s recent exit from its 1 million-square-foot headquarters office in downtown Minneapolis contributed to this rise.<\/p>\n\n\n\n