U.S. office sales have seen a sharp rebound, with total transactions hitting $40.8 billion over the past year, a 69% jump compared to the previous four quarters, according to new data from Avison Young. High-end properties led the increase, with 71% of all deals involving trophy or Class-A offices.
The fourth quarter was particularly active, with more than $15 billion in transactions, nearly doubling the $8 billion recorded in Q4 2023, according to BisNow.
California markets saw some of the strongest growth. Los Angeles posted $3.5 billion in sales (up 147%), while San Francisco reached $1.7 billion (up 140%). San Diego and the East Bay led secondary markets with dramatic increases of 563% and 372%, respectively.
While Class-A buildings still dominate the market, their share is slipping, down to 42.7% this year from 47.7% in 2024 and 54% in 2019. Trophy assets, by contrast, made up 35.3% of deals in the first half of 2025, rising from just 22.7% last year.
Private buyers have been the primary force behind the surge, accounting for 57% of purchases, up from 54% in 2024. Meanwhile, international investors have stepped back, representing only 6% of buyers, their lowest share in a decade.
Notably, foreign sellers have increased their activity, making up 15% of all sales, compared to 10% last year.
