NOI News & Analysis

Trepp Reports Office Expense Growth Exceeds Revenue 2.7% vs 1.3%

Trepp's analysis showed that from 2021 to 2025, median office expenses grew at an annualized rate of 2.7%, while revenue increased by just 1.3%. In 2025, median operating expense growth was reported at 2.1%, with revenue growth slowing to 0.7%. Negative growth in net operating income (NOI) was observed in 2024 and 2025, with overall NOI growth at negative 0.4%. This trend may impact refinancing capabilities in the commercial real estate market, indicating rising stress for property owners reliant on consistent revenue streams. This data is significant for investors as it highlights financial pressure in the commercial office sector.