There’s growing evidence that the office market — at least Class A and A+ — is becoming a viable investment again. Colliers rated the best 10 office markets from 2024 based on total volume.
According to the firm, this is a rebound after office reached bottom in 2023, calling the asset class a “leader in year-over-year sales gains.” The top 10 in volume are Manhattan ($7.6 billion, up from $5.0 billion); Los Angeles ($3.7 billion, equal to 2023); Boston ($3.2 billion, up from $2.6 billion); Dallas ($2.9 billion, up from $2.5 billion); Washington, D.C. ($1.9 billion, up from $1.4 billion); Houston ($1.8 billion); Atlanta ($1.8 billion, up from $1.2 billion); Miami ($1.8 billion, up from $1.0 billion); Phoenix ($1.7 billion, down from $1.8 billion); and Austin ($1.6 billion, up from $900 million).
Q4 alone topped $21 billion in activity and was nearly equal to 2022 Q4. Compared to Q4 2023, the volume was up 36%. Central business district sales improved “strongly.”
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