{"id":4335,"date":"2025-03-31T05:07:57","date_gmt":"2025-03-31T05:07:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=4335"},"modified":"2025-11-12T08:37:58","modified_gmt":"2025-11-12T08:37:58","slug":"february-office-market-stats-national-listing-rate-at-33-41-per-square-foot-vacancy-holds-at-19-7","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/february-office-market-stats-national-listing-rate-at-33-41-per-square-foot-vacancy-holds-at-19-7\/","title":{"rendered":"February Office Market Stats: National Listing Rate at $33.41 per Square Foot, Vacancy Holds at 19.7%"},"content":{"rendered":"

The latest U.S. office report from CommercialCafe highlights strong liquidity inflows, stabilizing vacancies in many cities and a slight uptick in rents.<\/p>\n

Specifically, the national average full-service equivalent listing rate for office space hit $33.41 per square foot in February 2025. Although that\u2019s up just $0.03 from January, it reflects a 5.7% jump compared to last year.<\/p>\n

Nationally, vacancies stayed at 19.7%, though that number is 180 basis points (bps) higher than 12 months ago. Southern cities remain the tightest markets: Charlotte, N.C., boasts the lowest vacancy rate at 15.5% with Miami close behind at 15.7% and Tampa, Fla., at 15.8%. Yet, even these markets saw increases throughout the last 12 months. Miami\u2019s rate climbed 360 bps, Tampa\u2019s rose 260 and Charlotte\u2019s edged up 150.<\/p>\n

Conversely, tech-centric markets are still under pressure. In this case, San Francisco leads with a 27.8% vacancy rate. It\u2019s followed by Austin, Texas, at 27.4% and the Bay Area at 26.2%. These markets saw big yearly spikes with San Francisco up 389 bps, Austin rising 530 and the Bay Area increasing by 550.<\/p>\n

Meanwhile, Manhattan, N.Y., tops the rent chart at $68.93 per square foot, even after a 3.6% drop from a year ago. San Francisco comes in next at $63.63 per square foot (up 4%), while Miami\u2019s $55.38 per square foot reflects a 12% increase. At the lower end, Detroit sits at $21.45 per square foot, paired with a steep, 24.6% vacancy rate.<\/p>\n

Boston Leads With 6.55 Million Square Feet Under Construction, But Pipeline Halves<\/h2>\n

Office construction has slowed significantly with just 48.6 million square feet underway across all major markets \u2014 only 0.7% of total stock. In this metric, Boston leads with 6.55 million square feet, though that\u2019s half of last year\u2019s pace. Austin, Texas, follows with 3.56 million square feet and San Francisco has 3.22 million square feet in progress.<\/p>\n

According to CommercialCafe’s report, increasing office vacancies, an unpredictable economic environment, and the widespread adoption of remote and hybrid work models means that the desire to construct new office spaces has, at least for now: \u201call but dried up. Construction starts totaled just 11.3 million square feet last year, and a significant rebound is not expected anytime soon.\u201d<\/p>\n

Manhattan Dominates Sales With $1.84 Billion, Chicago Sees Steep Discounts<\/h2>\n

Office sales are gaining momentum with $7 billion in transactions in the first two months of 2025 \u2014 up sharply from $77 million a year ago. Here again, Manhattan, N.Y., dominates with $1.84 billion, while Chicago trails at $561 million. That said, discounts are common. For example, in Chicago, the 40-story tower at 200 S. Wacker sold for $68 million in January \u2014 a nearly 70% drop from its 2013 value. Average sales prices per square foot vary widely, with the three priciest markets being San Diego at $662, Manhattan at $450, and San Francisco at $282.<\/p>\n

For more information and a complete breakdown of the data, check out CommercialCafe’s original office report<\/a>.<\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Office space in New York City<\/a><\/td>Office space in Phoenix<\/a><\/td>Office space in San Francisco<\/a><\/td>\n<\/tr>\n
Office space in San Antonio<\/a><\/td>Office space in Atlanta<\/a><\/td>Office space in San Diego<\/a><\/td>\n<\/tr>\n
Office space in Manhattan<\/a><\/td>Office space in Austin<\/a><\/td>Office space in Las Vegas<\/a><\/td>\n<\/tr>\n
Office space in Fort Worth<\/a><\/td>Office space in Boston<\/a><\/td>Office space in Seattle<\/a><\/td>\n<\/tr>\n
Office space in Portland<\/a><\/td>Office space in Miami<\/a><\/td>Office space in Philadelphia<\/a><\/td>\n<\/tr>\n
Office space in Dallas<\/a><\/td>Office space in Chicago<\/a><\/td>Office space in Denver<\/a><\/td>\n<\/tr>\n
Office space in Houston<\/a><\/td>Office space in Los Angeles<\/a><\/td>Office space in Arlington<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The latest U.S. office report from CommercialCafe highlights strong liquidity inflows, stabilizing vacancies in many cities and a slight uptick in rents. Specifically, the national average full-service equivalent listing rate for office space hit $33.41 per square foot in February 2025. Although that\u2019s up just $0.03 from January, it reflects a 5.7% jump compared to last year. Nationally, vacancies stayed at 19.7%, though that number is 180 basis points (bps) higher than 12 months ago. Southern cities remain the tightest markets: Charlotte, N.C., boasts the lowest vacancy rate at 15.5% with Miami close behind at 15.7% and Tampa, Fla., at…<\/p>\n","protected":false},"author":3163,"featured_media":4336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-4335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-office-reports"],"acf":[],"yoast_head":"\nU.S. Office Market: Liquidity Surges as Vacancies Stabilize and Rents Ris<\/title>\n<meta name=\"description\" content=\"CommercialCafe's latest office report highlights strong liquidity, stabilizing vacancy rates in key markets, and a slight rent increase nationally.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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