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1、Page 1U.S.office insights|Q1 2025U.S.office market reportQ1 2025Page 2U.S.office insights|Q1 2025The overall availability rate for U.S.office space sat at 23.3%in the first quarter of the year,comprised of a 20%direct availability rate and 3.3%sublet availability rate.The first quarter was the third

2、 consecutive quarterly decline in overall availabilitya trend not seen since before the pandemic in Q4 2018.Quarter-over-quarter,direct available space decreased by 1.1 million square feet(msf)and sublet available space decreased by 11 msf,netting a 12.1 msf decrease in total available space.While t

3、he availability rate remained historically high,this quarterly decrease in supply is a positive indicator for the U.S.office market.U.S.office leasing activity in Q1 2025 reached 66.4 msfsitting 17.4%behind the pre-COVID average(2000-2019)at 80.4 msf and 18.4%behind Q1 2024 at 81.3 msf.Certain marke

4、ts like San Francisco and Manhattan are up significantly from Q1 2024(41%and 21%,respectively),while others like Boston and Los Angeles have fallen(-50%and-38%,respectively).Lending activity is showing signs of renewed strength in select gateway markets,particularly New York City,where early indicat

5、ors point to a gradual recovery in office fundamentals.Momentum is building in 2025,with Q1 alone seeing approximately$15.7 billion in office loan originations.Notably,six loans already surpassed the$500 million mark,with four exceeding$1 billiona sharp contrast to 2024,which saw just four loans ove

6、r$500 million and none above$1 billion.This uptick in large-scale financing suggests growing lender confidence in stabilized,high-quality assets within recovering urban cores.overall availability rate sees third consecutive decreasetotal leasing activity in Q1 2025office loan originations in Q1 2025

7、,on pace to surpass 2024 levels$15.7B66.4 msf23.3%U.S.office market trendsSource:Avison Young Market Intelligence,CoStar,RCAPage 3U.S.office insights|Q1 202523.3%0%5%10%15%20%25%30%0 msf200 msf400 msf600 msf800 msf1,000 msf1,200 msf1,400 msfQ2 2016Q3 2016Q4 2016Q1 2017Q2 2017Q3 2017Q4 2017Q1 2018Q2

8、2018Q3 2018Q4 2018Q1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Q3 2022Q4 2022Q1 2023Q2 2023Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Direct sfSublet sfOverall availability rateAvailable spaceThe overall availability rate across the U.S.drop

9、ped by 30 basis points quarter over quarter to 23.3%.This marked the third consecutive quarter-over-quarter decrease in overall availability.Direct available space decreased by 1.1 msf and sublet available space decreased by 11.0 msfnetting a 12.1 msf quarter-over-quarter decrease in available space

10、.Source:Avison Young Market Intelligence,CoStarPage 4U.S.office insights|Q1 20250204060801001201401601802000 msf50 msf100 msf150 msf200 msf250 msf300 msf350 msf400 msf450 msf20002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025Leasing activity(Q1)Le

11、asing activity(Q2-Q4)#of 100k+sf leases(Q1)Leasing activityU.S.office leasing activity totaled 66.4 msf in Q1 2025,falling 17.4%short of the pre-COVID Q1 average(2000-2019)and down 18.4%from Q1 2024.There have been 71 leases exceeding 100,000 square feet(sf)in so far in 2025an 15%drop compared to Q1

12、 2024.Source:Avison Young Market Intelligence,CoStarPage 5U.S.office insights|Q1 20251624151619107146051015202530$0B$25B$50B$75B$100B$125B$150B2016201720182019202020212022202320242025 YTDTotal loan valueCount of large loans($500M+)Office loan originationsDebt availability is improving in select core

13、 markets like NYC,where office fundamentals are starting to recover.In Q1 2025 alone,there have been six loans over$500 million and four over$1 billion,compared to just four over$500 million and none over$1 billion in all of 2024.Roughly$15.7 billion in office loans originated in Q1 2025,following$4

14、1 billion in all of 2024 and$44 billion in all of 2023.Source:Avison Young Market Intelligence,RCAPage 6U.S.office insights|Q1 2025The OfficeBusyness IndexLearn moreLearn moreAccess the most accurate view of office utilization in the industry today.Explore our interactive dashboard to uncover how bu

15、sy office buildings truly are across U.S.markets.IntroducingPage 7U.S.office insights|Q1 2025U.S.office busyness,February 2025 vs.February 2019Source:Avison Young Market Intelligence,Placer.aiAs of February 2025,office buildings across the U.S.are 61.5%as busy as they were in November 2019.Despite s

16、eeming like relatively low office visitation,U.S.office buildings have experienced slow and steady increases since the onset of the pandemic in early 2020.61.5%0%20%40%60%80%100%120%140%Feb-19Apr-19Jun-19Aug-19Oct-19Dec-19Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22

17、Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23Oct-23Dec-23Feb-24Apr-24Jun-24Aug-24Oct-24Dec-24Feb-25Page 8U.S.office insights|Q1 2025U.S.office busyness by major industry,February 2025 vs.February 2019Source:Avison Young Market Intelligence,Placer.aiCertain industries across the U.S.have see

18、n stronger office busyness than others compared to 2019.As of February 2025,engineering/architecture and consumer product firmsfor examplewere at 75.1%and 71.3%of their 2019 levels,respectively.Other major industries,like tech and consulting,have seen weaker busyness figures across the U.S.at right

19、around 50%of 2019 levels.75.1%71.3%71.2%68.6%68.6%68.4%67.7%65.3%63.5%62.0%59.0%0%20%40%60%80%Engineering,architecture,construction and building materialsHousehold and consumer productsEducationLaw firmsMulti-industryGovernmentFood&beverage productionConsumer durables and big-ticket itemsBasic mater

20、ials and chemicalsNonprofits and associationsAerospace and defensePage 9U.S.office insights|Q1 202547.4%47.9%50.4%51.1%51.8%66.6%68.2%71.2%71.9%71.9%0%10%20%30%40%50%60%70%80%San Francisco PeninsulaRaleigh-DurhamMinneapolis-St.PaulPortlandPittsburghNew JerseyIndianapolisManhattanWashington,D.C.Miami

21、Source:Avison Young Market Intelligence,Placer.aiAs of February 2025,certain office markets across the U.S.have recovered toward 2019 levels better than others.Miami and Washington,D.C.for examplewere at nearly 72%of their February 2019 levels as of February 2025.On the other hand,Raleigh-Durham and

22、 San Francisco Peninsula have not recovered as well,at 47.9%and 47.4%,respectively.U.S.office busynessoverperformingand underperforming markets,February 2025 vs.February 2019Page 10U.S.office insights|Q1 2025U.S.office busyness by day of week,February 2025 vs.February 2019Source:Avison Young Market

23、Intelligence,Placer.aiLooking at office busyness across the U.S.by day of the week,it is no surprise that Tuesday through Thursday lead the way in February 2025 when compared to 2019.Given the evolving hybrid structure of many companies,employees seem to be adopting a Tuesday,Wednesday,and Thursday

24、office schedule with some Mondays and Fridays remote.56.3%69.1%67.0%60.3%47.5%0%10%20%30%40%50%60%70%80%MondayTuesdayWednesdayThursdayFridayPage 11U.S.office insights|Q1 2025U.S.office market driversPage 12U.S.office insights|Q1 2025Office employment and job postingsOffice-using employment+4.8%from

25、March 2020Office job postings-23.3%from March 2020-40%-30%-20%-10%0%10%20%30%40%Feb-20Apr-20Jun-20Aug-20Oct-20Dec-20Feb-21Apr-21Jun-21Aug-21Oct-21Dec-21Feb-22Apr-22Jun-22Aug-22Oct-22Dec-22Feb-23Apr-23Jun-23Aug-23Oct-23Dec-23Feb-24Apr-24Jun-24Aug-24Oct-24Dec-24Feb-25Percentage change since the pandem

26、icOffice-using employment across the U.S.relatively plateaued in recent months but in February,it was sitting at a 4.8%increase from March 2020.Job postings,while still recovering to March 2020 levels,saw a significant recovery from Q4 2024.Source:Avison Young Market Intelligence,Lightcast,BLSPage 1

27、3U.S.office insights|Q1 20251.80.92.00.40.33.21.01.91.40.00.51.01.52.02.53.03.52000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024Office quits-to-layoffs/discharges ratioCompetitive labor marketEmployer-favorable labor marketThe quits-to-layoffs/disch

28、arges ratio measures the tightness of the office labor market.As of the end of 2024,the ratio,or employee leverage,sits at 1.4.Employee leverage has fallen considerably since the end of 2023(2.0).Source:Bureau of Labor StatisticsPage 14U.S.office insights|Q1 2025Leasing activity,Q1 2025 vs.pre-COVID

29、 Q1 averages(2015-2019)Source:Avison Young Market Intelligence,CostarIn most markets,leasing activity remains below pre-COVID averages,but recovery varies by market.In Manhattan,leasing activity surpassed pre-COVID levels by 4%in Q1 2025.San Francisco is down only 6%from pre-COVID levels and has exp

30、erienced a stronger Q1 every year since 2022.Atlanta,-33%Boston,-50%Chicago,-34%Dallas,-26%Los Angeles,-38%Manhattan,4%San Francisco,-6%Wash.D.C.,-42%U.S.market,-29%-80%-60%-40%-20%0%20%40%Q1 2019Q1 2020Q1 2021Q1 2022Q1 2023Q1 2024Q1 2025Page 15U.S.office insights|Q1 2025Gateway market leasing activ

31、ity,20202025(Q1 only)Source:Avison Young Market Intelligence,CostarManhattan has seen a remarkable recovery in leasing activity since 2020,with Q1 2025 reaching a total of 10.5 msfapproaching pre-COVID quarterly averages.San Francisco has also seen increased leasing activity through Q1;however,most

32、other gateway markets have remained relatively flat over the past few years.Atlanta,2.3 msfBoston,1.8 msfChicago,3.5 msfDallas,3.5 msfLos Angeles,3.2 msfManhattan,10.1 msfSan Francisco,2.5 msfWash.DC,1.3 msf0 msf2 msf4 msf6 msf8 msf10 msf12 msf202020212022202320242025Page 16U.S.office insights|Q1 20

33、2530,85739,70232,87025,60848,73327,7790 sf10,000 sf20,000 sf30,000 sf40,000 sf50,000 sfNew leasesRenewalsOverall U.S.2019202020212022202320242025U.S.average office lease sizeAverage lease sizes across the U.S.have continually decreased from 2019 to 2024(-15.5%).This is entirely led by new leases.Ren

34、ewals,on the other hand,have increased in average lease size by 22.7%across the U.S.compared to 2019.Leases 10,000 sf+Source:Avison Young Market Intelligence,CoStarPage 17U.S.office insights|Q1 20250%5%10%15%20%25%30%35%40%San FranciscoDenverAtlantaAustinSan Francisco PeninsulaHoustonChicagoDallas-F

35、t WorthNashvilleEast Bay-OaklandWashington,DCPhoenixSilicon ValleyLos AngelesNorthern VirginiaRaleigh-DurhamFairfield CountyBostonPortlandJacksonvilleCharlotteMinneapolis-St.PaulSeattleTampaOrlandoSuburban MarylandFort LauderdaleColumbusOrange CountyPhiladelphiaNew JerseyIndianapolisSacramentoDetroi

36、tPittsburghWest Palm BeachMiamiSan DiegoNew York City OuterHartfordManhattanGreenvilleCharlestonLas VegasClevelandLong IslandHonoluluU.S.OfficeQ1 2021Q1 2024Q1 2025Although availability rates remain elevated nationwide,the pace of growth has slowed considerably.From 2023 to 2025,U.S.availability inc

37、reased by just 0.2%,a notable improvement compared to the 3.6%rise recorded from 2021 to 2023.Several markets saw availability decline over the past two years,such as Houston,Dallas,Manhattan,and Orange County.In total,64%of all major markets across the U.S.saw a decrease in availability from Q1 202

38、4.Office availability rate by market,Q1 2021Q4 2025Source:Avison Young Market Intelligence,CoStarPage 18U.S.office insights|Q1 202525.7%14.8%16.7%21.3%23.%19.3%13.1%22.1%23.7%27.5%29.4%27.1%26.7%17.3%0%5%10%15%20%25%30%35%1950s or earlier1960s1970s1980s1990s2000s2010sTrophyClass ATotal availability

39、rates by delivery dateAs of Q1 2025,older to semi-modern class A properties,built from the 1970s through the 2000s,continue to experience significant distress in trying to fill their available space across the U.S.especially compared to recently constructed trophy properties.Atlanta,Austin,Boston,Ch

40、arlotte,Los Angeles,Manhattan,Philadelphia,Raleigh,San Francisco,Silicon Valley,Tampa,Washington,D.C.Source:Avison Young Market Intelligence,CoStarPage 19U.S.office insights|Q1 2025Exposure to at-risk industries0%10%20%30%40%50%60%70%80%90%100%U.S.trophyU.S.class AU.S.class BU.S.class CBostonManhatt

41、anSan FranciscoWashington,D.C.Banking,finance,insurance and real estateConsulting,research,accounting and recruitingLaw firmsTechMedia,PR,telecom and entertainmentAcross the U.S.,trophy properties continue to have the most exposure to at-risk industries at nearly 85%.At the market level,San Francisc

42、o may experience distress in the future due to its reliance on the tech sector.Manhattan may experience similar stress due to its oversized exposure to banking and finance tenants.Source:Avison Young Market IntelligencePage 20U.S.office insights|Q1 2025BostonManhattanSan FranciscoWashington,D.C.Trop

43、hyClass AClass BClass C30%40%50%60%70%80%90%100%0%5%10%15%20%25%30%Exposure to at-risk industriesPost-COVID change in total availability rateAt-risk markets vs.post-COVID new supplyU.S.office marketsTrendlineOffice classesClass B and C properties across the U.S.are partly insulated from potential ma

44、rket distresses,largely due to their lack of reliance on a single industry sector.Other market segments like trophy and class Aand more notably all asset classes across San Franciscoare more exposed.Central business districts and private office industries only.Includes sublet and direct availability

45、 rates.Source:Avison Young Market Intelligence,CoStarPage 21U.S.office insights|Q1 2025Leasing activity share by major industry21.8%21.7%27.7%27.0%30.9%24.6%24.3%39.0%19.6%22.6%14.0%20.3%15.8%12.3%12.2%14.0%9.1%9.2%10.2%7.3%7.6%14.5%14.1%14.0%9.7%9.2%9.5%8.0%4.8%6.5%9.7%9.0%6.9%5.5%6.3%5.4%8.6%5.2%7

46、.1%4.0%32.8%31.8%32.4%32.0%32.2%36.9%32.7%20.0%0%10%20%30%40%50%60%70%80%90%100%20182019202020212022202320242025 Q1Banking,finance,insurance and real estateTechLaw firmsMedia,PR,telecom and entertainmentConsulting,research,accounting and recruitingOtherOffice-using industries across the U.S.gateway

47、markets have fallen into different leasing cycles over time.Banking and finance firms have seen a significant increase in their share of leasing activity through the first quarter.Boston,Manhattan,San Francisco,Washington,D.C.Source:Avison Young Market Intelligence,CoStarPage 22U.S.office insights|Q

48、1 202523,53927,00735,90539,75926,92732,7710 sf5,000 sf10,000 sf15,000 sf20,000 sf25,000 sf30,000 sf35,000 sf40,000 sf45,000 sf50,000 sfBostonChicagoManhattanSan FranciscoWashington,D.C.U.S.gatewayaverage20192024Q1 2025Average office lease size by gateway marketsWith the exception of San Francisco,ev

49、ery major gateway market in the U.S.saw a decline in average office lease size in Q1 2025 compared to both 2019 and 2024.Nationally,the average lease size fell 5.9%year over year and is down 19.1%from 2019 levels.Leases 10,000 sf+Source:Avison Young Market Intelligence,CoStarPage 23U.S.office insigh

50、ts|Q1 2025Transaction activity by asset class15.1%18.7%22.9%22.2%21.4%20.9%21.7%25.7%22.6%23.4%44.6%48.7%47.0%44.6%47.9%54.0%52.0%46.5%43.4%45.5%47.0%35.3%36.3%34.3%32.5%29.9%24.6%27.1%31.8%30.9%31.9%29.5%20.0%20152016201720182019202020212022202320242025 Q1TrophyClass AClass B/CProportional transact

51、ion activity in trophy assets nearly doubled in Q1 2025 from its traditional levels.As a result,the share of both class A and class B/C properties declined.Chicago,Boston,Houston,Manhattan,San Francisco,Washington,D.C.Includes direct and subleases.Source:Avison Young Market Intelligence,CoStarPage 2

52、4U.S.office insights|Q1 2025Transaction activity by asset class9%19%6%16%10%8%6%11%12%43%39%60%11%9%13%11%7%6%70%56%84%66%67%76%77%65%68%36%38%20%60%61%70%38%33%49%21%25%10%18%23%16%17%24%20%21%23%20%29%30%17%51%60%45%201920242025201920242025201920242025201920242025201920242025201920242025The trend

53、of flight to quality continues throughout the country,with the share of class B/C leasing shrinking year over year in favor of trophy/class A leasing in most major markets through Q1 2025.Chicago,Boston,Houston,Manhattan,San Francisco,Washington,D.C.Includes direct and subleases.Source:Avison Young

54、Market Intelligence,CoStarTrophyClass AClass B/CBostonChicagoHoustonManhattanSan FranciscoWashington,D.C.Page 25U.S.office insights|Q1 2025Transaction activity by lease type67.8%66.0%63.4%61.8%55.1%41.7%59.0%59.3%46.8%47.9%44.0%32.2%34.0%36.6%38.2%44.9%58.3%41.0%40.7%53.2%52.1%56.0%20152016201720182

55、019202020212022202320242025 Q1New/relocationRenewal/expansionAs of Q1 2025,renewal and expansion activity has increased to 56%of total leasing transactions,up from 52.1%in 2024.New and relocation leases accounted for 44%of dealsa level that if sustained throughout the year,will mark the lowest annua

56、l share since 2020.Boston,Manhattan,San Francisco,Washington,D.C.Direct leases only.Source:Avison Young Market Intelligence,CoStarPage 26U.S.office insights|Q1 2025$129$116$83$73$40 psf$50 psf$60 psf$70 psf$80 psf$90 psf$100 psf$110 psf$120 psf$130 psf$140 psfJan-15May-15Sep-15Jan-16May-16Sep-16Jan-

57、17May-17Sep-17Jan-18May-18Sep-18Jan-19May-19Sep-19Jan-20May-20Sep-20Jan-21May-21Sep-21Jan-22May-22Sep-22Jan-23May-23Sep-23Jan-24May-24Sep-24Jan-25Trophy base rentTrophy net effective rentClass A base rentClass A net effective rentBase and net effective rents by classAn increase in demand for trophy

58、space has ledtrophy base and net effective rents to continue increasing through Q1 2025.A strong uptick in trophy+leasing,primarily in Manhattan,has fueled this recent growth.Class A base and net effective rents experienced similar growth through 2024 but remained flat through the beginning of 2025.

59、The gap between base and net effective rents,fueled by strong concession packages,has maintained.Boston,Manhattan,San Francisco,Washington,D.C.Direct relocations only.Source:Avison Young Market IntelligencePage 27U.S.office insights|Q1 202511892778760708090100110120130140Mar-15Jul-15Nov-15Mar-16Jul-

60、16Nov-16Mar-17Jul-17Nov-17Mar-18Jul-18Nov-18Mar-19Jul-19Nov-19Mar-20Jul-20Nov-20Mar-21Jul-21Nov-21Mar-22Jul-22Nov-22Mar-23Jul-23Nov-23Mar-24Jul-24Nov-24Mar-25TrophyClass AClass B/COverallLength of lease terms by classBoston,Manhattan,San Francisco,Washington,D.C.Direct relocations only.Source:Avison

61、 Young Market IntelligenceMonthsAcross U.S.gateway markets,trophy properties continue to heavily outperform the other asset classes in terms of average lease term lengths,with notable growth in recent months.Class A lease term lengths fell just above the overall average by five months,while class B/

62、C fell 10 months below the overall average.Page 28U.S.office insights|Q1 20250 mo20 mo40 mo60 mo80 mo100 mo120 moBiotech,life sciences,pharma and healthcareTechMedia,PR,telecom and entertainmentU.S.officeBanking,finance,insurance and real estateEngineering,architecture,construction and building mate

63、rialsConsulting,research,accounting and recruitingNonprofits and associationsLaw firmsNew/relocationRenewalLease terms by major industriesIn Q1 2025,length of lease terms for office leases in the U.S.averaged 82 months for new leases/relocations and 70 months for renewals.Industries like law firms a

64、nd nonprofits have historically signed the longest-term leases and continue to do so across major U.S.office markets.Boston,Chicago,Dallas Ft Worth,Los Angeles,Manhattan,San Francisco,Washington,D.CData reflects 12-month average,direct and sublease.Source:Avison Young Market IntelligencePage 29U.S.o

65、ffice insights|Q1 20250%5%10%15%20%25%30%35%BostonChicagoManhattanSan FranciscoWashington,D.C.U.S.gateway marketaverage2019202020212022202320242025Concessions as a share of lease termThrough Q1 2025,concession packages as share of lease term tapered slightly after five years of consecutive year-over

66、-year growth.Most gateway markets saw a slight decline in concession packages in Q1 2025 apart from San Francisco,where concessions increased nearly 10%.Concessions include the value of tenant improvement allowances and free rent periods.Central business districts only.Direct relocations only with 7

67、+year lease terms.Source:Avison Young Market IntelligencePage 30U.S.office insights|Q1 20250 msf10 msf20 msf30 msf40 msf50 msf60 msf20252026202720282029203020312032203320342035BostonManhattanSan FranciscoWashington,D.C.Upcoming lease expirations by marketUpcoming lease expirations can be used as a b

68、arometer for future demand.Due to expiring leases often requiring tenants to sign a new lease,the large amount of expiring square footage suggests a potential spike in future leasing activity.Source:Avison Young Market IntelligencePage 31U.S.office insights|Q1 2025U.S.office capital markets conditio

69、nsPage 32U.S.office insights|Q1 2025$0B$5B$10B$15B$20B$25B$30B$35B$40B$45BQ1 2015Q3 2015Q1 2016Q3 2016Q1 2017Q3 2017Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2021Q1 2022Q3 2022Q1 2023Q3 2023Q1 2024Q3 2024Q1 2025Office sales volumeTotal sales for office product across the U.S.totaled$7.8 bi

70、llion in Q1 2025,a 9.7%increase from Q1 2024.As the first quarter is historically the lowest investment period of the year,this increase is a promising sign for the rest of 2025,especially after a strong close to 2024.Source:Avison Young Market Intelligence,CoStarPage 33U.S.office insights|Q1 2025Bu

71、yer composition21%23%20%18%16%14%17%8%10%8%38%35%32%35%35%31%33%27%17%20%19%12%9%11%7%10%10%13%14%15%4%24%28%31%32%32%37%33%45%55%45%53%5%5%6%7%6%8%7%14%12%21%20152016201720182019202020212022202320242025 YTDCross-borderInstitutionalREIT/listedPrivateUser/otherWhile overall volume is still recovering

72、,acquisitions in the post-COVID environment have largely been fueled by private investors who have nearly doubled their relative share of market activity since 2019.Notably,acquisitions by occupiers have also risen over the past few years.Source:Avison Young Market Intelligence,RCAPage 34U.S.office

73、insights|Q1 2025Seller composition11%13%8%16%12%10%12%13%8%8%19%44%40%43%35%38%28%29%27%24%31%36%11%16%15%16%8%17%15%16%14%21%6%26%25%27%27%32%38%37%37%46%32%33%7%6%8%6%9%8%7%7%10%8%5%20152016201720182019202020212022202320242025 YTDCross-borderInstitutionalREIT/listedPrivateUser/otherInstitutional a

74、nd cross-border investors have increased their market share of dispositions and account for nearly half of disposition activity through Q1 2025.Source:Avison Young Market Intelligence,RCAPage 35U.S.office insights|Q1 2025average origination date of distressed loansdistressed loans with fixed interes

75、t ratesaverage direct availability rate for distressed offices;the U.S.direct availability rate was 20%in Q4 202452%class A share of properties encumbered by a distressed CMBS loan;class A properties comprise 43.9%of U.S.office properties25.2%73.7%5/2017Fixed-rate loans originated when interest rate

76、s were much lower than present rates and occupier conditions were stabilized.Through the first quarter of 2025,they continued to become increasingly distressed as loan maturities approach.However,just 4.7%of U.S.office properties are encumbered by distressed CMBS loans.Diagnosing CMBS office loan di

77、stressSource:Avison Young Market Intelligence,RCA,CoStarPage 36U.S.office insights|Q1 2025Upcoming loan maturities$0$5$10$15$20$25$30$35$40$45$5020252026202720282029203020312032+Fixed-rate CMBS loans originated before 2021All other loans$20.4 billion of outstanding fixed-rate loans that originated b

78、efore 2021before the spike in interest ratesare maturing in 2025,in addition to$23.7 billion of other CMBS loans.Source:Avison Young Market Intelligence,RCA,CoStarBillionsPage 37U.S.office insights|Q1 2025Markets with the greatest and least exposure to at-risk loans0%2%4%6%8%10%12%14%16%18%Pittsburg

79、hClevelandDetroitPhiladelphiaColumbusLong IslandNew York City OuterBoroughsManhattanChicagoIndianapolis9.7%average exposure to at-risk loans 10 markets with the greatest exposure2.4%average exposure to at-risk loans 10 markets with the least exposure0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%Charleston

80、GreenvilleBostonSan FranciscoPeninsulaSacramentoEast Bay-OaklandSeattleOrlandoWashington,D.C.TampaShare by sf of properties encumbered by loans on CMBS watchlistSource:Avison Young Market Intelligence,RCAPage 38U.S.office insights|Q1 2025Office investment pricing by eraSource:Avison Young Market Int

81、elligence,CoStar$587$293$234$195$470$246$192$172$686$310$245$218$652$346$279$225$644$361$274$255$0 psf$100 psf$200 psf$300 psf$400 psf$500 psf$600 psf$700 psf$800 psfTrophyClass AClass BClass C2007-20082009-20132014-20172018-20192020-presentTrophy office properties have seen a significant post-COVID

82、 correction in value of all office asset classes,correcting by 7.1%since the last cycle.However,pricing in these higher quality assets remains above the pricing during the financial crisis in 2009.Page 39U.S.office insights|Q1 2025AppendixPage 40U.S.office insights|Q1 2025Availability(msf)Availabili

83、tyDirect asking rents(psf/FS)Development(msf)Leasing activity(msf)Inventory(bsf)1,149 msf2004006008001,0001,2001,400Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2021Q1 2022Q3 2022Q1 2023Q3 2023Q1 2024Q3 2024Q1 2025DirectSublet20.0%3.3%0%5%10%15%20%25%Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020

84、Q1 2021Q3 2021Q1 2022Q3 2022Q1 2023Q3 2023Q1 2024Q3 2024Q1 2025DirectSublet32.5 msf050100150200Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2021Q1 2022Q3 2022Q1 2023Q3 2023Q1 2024Q3 2024Q1 2025DeliveriesUnder development66 msf0501001502002503003504004502007200820092010201120122013201420152016

85、201720182019202020212022202320242025Source:Avison Young Market Intelligence,CoStar$40.22$0$10$20$30$40$50Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2021Q1 2022Q3 2022Q1 2023Q3 2023Q1 2024Q3 2024Q1 20254.9 bsf4.54.64.64.74.74.84.84.94.95.0Q1 2018Q3 2018Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2

86、021Q1 2022Q3 2022Q1 2023Q3 2023Q1 2024Q3 2024Q1 2025U.S.office market indicatorsPage 41U.S.office insights|Q1 2025U.S.office market stats by classSource:Avison Young Market Intelligence,CoStarClassExisting inventory sfUnder development sfDirect availabilitySublet availabilityTotal availabilityAnnual

87、 direct asking rent psf/FSTrophy365,073,75811,577,17716.0%4.1%20.1%$65.58Class A2,157,098,95418,098,56823.2%4.3%27.4%$42.07Class B1,924,587,8351,307,17819.1%2.5%21.6%$34.58Class C447,092,619120,00012.9%0.8%13.7%$31.87U.S.total4,893,853,16631,102,92320.0%3.3%23.3%$40.22Page 42U.S.office insights|Q1 2

88、025The office space market in major cities is more competitive than it appears,with high-quality spaces being in limited supply and requiring strategic leasing decisions.Learn more from our experts in Avison Youngs Spring 2025 edition of Viewpoints.Read articleRead articleThe hidden tightness in off

89、ice markets:a closer look at desirabilityU.S.VIEWPOINTS|SPRING 2025Page 43U.S.office insights|Q1 2025Capital markets Investment volume:office sales dollars expressed when the transactions close and based on inventory thresholds;partial-interest sale dollar amounts are not grossed-up to reflect the 1

90、00%value of the sale Asset pricing:unweighted average per-square-foot asset pricing of market-level closed sales Cap rate:net operating income divided by sale price;this measurement of market-level investment returns is calculated as an unweighted average based on closed investment sales Demand Leas

91、ing activity:total square footage of relocations,renewals,expansions and subleases expressed when the leases are signed,not when tenants take physical occupancy of the space Absorption:period-over-period change in occupied square footageSupply Direct vacancy rate:space operated by landlords that is

92、ready for immediate occupancy Sublease vacancy rate:space operated by sublandlords that is ready for immediate occupancy Total vacancy rate:sum of direct vacancy rate and sublease vacancy rate Availability rate:space that is vacant plus space that will become vacant over an indefinite time horizon,i

93、ncluding spaces that are occupied by vacating tenants and under-construction properties Office rents and concessions Asking rents:pricing guidance provided by landlords to tenants for available space expressed as full service(FS)Base rents:fair market value of market-level lease pricing based on rep

94、resentative executed leases,expressed as full service(FS)Free rent period:months of free rent that are typically provided upfront by landlords to tenants as a concession to offset the total cost of a lease and/or the construction timeline of an office suite Tenant improvement allowance:an allowance

95、expressed in dollars per square foot provided from landlords to tenants to offset build-out,engineering,space planning and related permit costs Net effective rent:base rents discounted by the dollar values of tenant improvement allowance and free rent concessions expressed as full service(FS)Office

96、insights glossary of termsPage 44U.S.office insights|Q1 2025For more market insights and information visit For more market insights and information visit 2025 Avison Young.All rights reserved.E.&O.E.:The information contained herein was obtained from sources which we deem reliable and,while thought to be correct,is not guaranteed by Avison Young.Sean BoydSenior Market Intelligence Analyst,U.S.Office+1 847 602 Danny Mangru Senior Manager,U.S.Office Lead Market Intelligence+1 212 729