CommercialEdge – National Office Report, Feb 2025

The report focuses on the analysis of the office real estate market in 2024, highlighting changes in office building prices and sector trends.

Office building prices continued to decline in 2024 due to the shift to remote and hybrid work and uncertainty about the future use of offices. The average price of an office building fell by 11% to $174 per square foot. The most significant price declines were observed in high-rated properties and central business districts (CBD). The number of office sales at a discount increased, with more than a third of buildings sold for less than the previous price. Despite the overall price decline, some properties remain in demand and retain high value.