Investors are returning to the U.S. office market after years of declining interest, driven by factors such as corporate return-to-office policies and opportunities to purchase distressed assets. The sector saw a resurgence in 2024, with sales volumes increasing by 20% to $63.6 billion, according to MSCI. Boston Properties (BXP), the largest publicly traded office landlord in the U.S., reported its strongest leasing quarter since 2019, signing 83 leases totaling over 2.3 million square feet in Q4 2024 with a weighted average lease term of 10.3 years. Despite this, BXP took over $340 million in non-cash write-downs on three office properties, including $169 million on the Colorado Center in Los Angeles. The company's portfolio occupancy rose slightly to 87.5%, but it anticipates a decline in cash flow and occupancy in 2025. BXP's 2024 quarterly revenue reached $858.6 million, exceeding analyst expectations. Broader trends in the commercial real estate market, including stabilized credit conditions and moderating borrowing costs, are contributing to optimism for a prolonged recovery.