Top California Markets for Office Transactions

The U.S. office sector is still struggling post-pandemic, with high vacancy rates in California despite major companies pushing return-to-office policies. Nationally, office sales reached $23.8 billion year-to-date, with California accounting for $4.2 billion. The Bay Area led transactions at over $1.8 billion, though prices per square foot fell significantly. Los Angeles remained the most expensive market at $345 per square foot, while San Diego and San Francisco saw notable declines in sales and prices compared to 2023.