This year is shaping up to be a relatively active one for office sales, according to a September report from Colliers.

Office was one of just two traditional asset classes to post sales growth in July, according to Colliers. That month, the office sector saw $7.6B in sales nationwide. Office was the only one of the traditional property sectors to see gains in pricing in the month, though its gains were a modest 4% over the same period in 2025.

Standout July sales include the $300M sale of Houston's Williams Tower, the city's largest office deal since 2019, and the $151M that Hines paid to buy an Austin office tower from Brandywine.

Office sales volume's "meaningful growth" stood out against a backdrop of traditional sector sales volume that was "virtually unchanged" overall, down 1% from July 2025 to $36.3B in July 2026.

Sales grew most in city centers. Office sales volume in central business districts rose 46% in July, while suburban sales volume rose 26%. CBD sales were driven by individual building sales, but sales volume growth in the suburbs was driven by portfolio deals, including medical office portfolio sales, according to Colliers.

July's office volume is a continuation of results from earlier this year. Office sales in the first half of the year were up 14.1% compared to the same period in 2025 and reached $40B, according to an Avison Young report. The New York metro area, the Bay Area and Houston were top markets for sales, the report's authors noted.

The office market has shown new signs of a rebound this year following years of malaise and distress, with office vacancy rates declining in more than half of major U.S. markets.

Much of leasing activity is driven by the artificial intelligence boom, especially in New York City and San Francisco, but the trend toward rebounding occupancy was present even in cities outside of traditional tech hubs.