Research

"Amid leasing slowdown, office demand driven by smaller transactions"

"Leasing momentum strengthens with both large renewals and relocations"

"Availability declines with tech firms leading demand"

"Puget Sound leasing activity reaches five-year high led by renewal"

"Leasing activity remains the second-highest since the pandemic"

"Leasing volume edges up while fundamentals hold steady, despite job market struggles"

"Law firm leasing activity remained steady in Q2 2025, contributing to an active first half and reaffirming the sector’s ongoing commitment to office space."

"The U.S. office market has shown early signs of stabilization, with leasing and sales activity gaining momentum into mid-year 2025. These trends suggest the worst may be behind us, although macroeconomic uncertainty continues to cloud the outlook. We’re pleased to share the latest State of the U.S. Office Market, our quarterly report offering key insights into office leasing dynamics and capital markets trends at mid-year 2025."

"Deliveries continue to push vacancy upward, reaching 14.5% in Q2 2025. The market saw 8.0 million square feet (msf) delivered in the first half of 2025, an increase compared to the prior year. With over 12.0 msf under construction, further increased vacancy is likely."

"Vacancy reached 9.6% in Q2, driven by negative net absorption in the first half of the year, totaling 1.2 million square feet (msf) of occupancy losses."