A flow-off telemetry system and method of communicating information from a downhole location in a borehole to a surface location while fluid circulation is off. A string is conveyed in the wellbore to define an inner bore and an annulus. During a flow-off condition, an inner bore sealing element closes the inner bore to create a first standing column of fluid in the inner bore, and an annulus sealing element closes the annulus to form a second standing column of fluid in the annulus. A bypass valve in the string at a downhole location between the first standing column of fluid and the second standing column of fluid is activated to generate a pressure pulse including information for performing an action. The pressure pulse is received at a pressure sensor at the surface location and a controller performs an action in response to the information in the pressure pulse.