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U.S. Office Lending Volume Surges in 2025
Even as the U.S. office sector ended 2025 with a 9.6% year-over-year decline in leasing volume, Avison Young’s just-released Q4 2025 U.S. office market overview points to a surge in both lending to owners and venture capital investment in occupiers. Lending activity rose 92% Y-O-Y to reach $45.8 billion in originations, with trophy and Class A properties capturing the lion’s share.
Origination growth was highly concentrated in Silicon Valley (up 559% Y-O-Y), Manhattan (+312%) and Orange County (+127%), signaling selective confidence in tech-driven and gateway markets, Avison Young reported. VC investment rose 27% Y-O-Y to $174 billion in 2025, with nearly half that tally going to office-using tenants in San Francisco.
“The surge in loan originations and venture capital investment underscores a clear vote of confidence in the future of office space—particularly in markets tied to technology and innovation,” said Danny Mangru, U.S. office lead, Market Intelligence at Avison Young. “Capital is flowing to quality assets and high-growth sectors, setting the stage for a more dynamic and competitive office landscape in 2026.”
- ◦Financing
