Lending Nearly Doubled For Offices In 2025

Money flooded back into the office market last year, but it wasn’t spread evenly among building classes, according to a new report

Lenders outlaid nearly $46B in loans in 2025, a 92% increase from the year prior, according to a study by Avison Young. But 70% of new loan originations were for trophy office assets.

Lenders also preferred top gateway markets, with office loan originations jumping nearly 560% in Silicon Valley to $883M, more than 300% in Manhattan to $23.5B and 127% in Orange County, California, to $847M, the study shows.

At the same time, lenders pared back on office loans in Phoenix, Los Angeles and Washington, D.C. The capital district, for example, saw a 36% drop in office loan originations, totaling $713M, compared to 2024...

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RSK: Well, a bit of good news, the downside is that 70% of the money flowed into prime trophy office buildings leaving ones that needed it the most out in the cold.