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…