Investors are keeping a close eye on the US office sector after half a decade of turmoil, looking for deals on premium properties they can lease up or obsolete buildings they can flip to apartments. Large foreign investors are showing renewed interest in the sector as they look to get ahead of a wave of buying expected later in 2025, according to The Wall Street Journal.

Office building sales volume increased to $63.6 billion last year, according to MSCI data. That’s a 20% increase from 2023, and while it is still well below sales activity in the range of $143 billion before the pandemic, it marked the first increase since 2021.

Brokers expect sales activity to continue to accelerate in 2025, as a mountain of cash sitting on the sidelines looks for opportunities, according to the article. Data fund Preqin estimates opportunistic real-estate funds had $196.8 billion available at the end of last year, up from $179.9 billion at the end of 2020.