AvisonYoung2025年第四季度美国写字楼市场报告英文版50页.pdfVIP

U.S.office

market

report

Q42025

Page1U.S.officeinsights|Q42025

U.S.officemarkettrends

278msf+92%+27%

totalleasingactivityinyear-over-yeargrowthinyear-over-yeargrowthin

2025acrosstheU.S.officeloanoriginationsventurecapitalfunding

U.S.officeleasingactivitytotaled278millionOfficeloanoriginationsreboundedsharplyinVenturecapitalinvestmenttotaled$174billionin

squarefeet(msf)in2025—down13.6%fromthe2025,totaling$45.8billion,a92%YoYincrease.2025,markinga27%increaseYoY.InvestmentinAI

pre-COVIDaverage(2000–2019)of321msf,andSince2024,trophyandclassAassetshaveandtechfirmsdrovemostofthisgrowth,accounting

9.6%below2024’svolumeof307msf.accountedforroughly70%ofneworiginations,fornearly76%oftotalventurecapitalfunding.

underscoringlenders’continuedpreferencefor

However,severalkeymarketsareshowingstrongNearlyhalfofallcapitalflowedtoSanFrancisco($86

high-qualitybuildings.

momentum:SanFrancisco’sleasingactivityisup