U.S. Office Market Deals Hit US$40 Billion as Vacancy Drops

Accounting for 71% of total deals, premium and Class A office space led an office market sales rebound as transaction volume climbed 69% over the past four quarters to US$40 billion, The Real Deal reports. Particularly hot major markets include Manhattan, Miami, Los Angeles, Chicago, Houston and Dallas. The U.S. office market experienced its fourth consecutive quarter decline in vacancy rates, falling to 23.2%. Available space shrank by 10.2 million ft². Despite the uptick, leasing volume remains below pre-pandemic levels with a total of 138 million ft² leased in the first six months of 2025 — 16.2% shy of pre-COVID averages.