Q2 2026 Office Market Reports

"Suburban office availability rate declined for another consecutive quarter, reflecting steady tenant demand and a slow reduction in excess space within the market."

"An increase in available office space is providing occupiers with a wider range of choices and strengthening their positions when negotiating leaseterms and incentives."

"The overall availability rate continues to rise, increasing 140 basis points(bps) year over year amid tepid leasing activity."

"At 0.6 million square feet (msf), leasing volume increased from the previous quarter, but was down by 13.7% from Q2 2025."

"Overall availability fell to a five-year low of 18.7% in Q2 2026, as strong leasing reduced available space and sublease inventory continued to contract."

"The ongoing flight-to-quality trend continues as tenants prioritize modern,amenity-rich Class A buildings over older office space, even if it meansleasing smaller footprints."

"Asking rents increased 2.8% year over year to $31.41 per square foot (psf). Class A rents climbed 5.0% to $34.60 psf, underscoring strong demand for quality space."

"Availability declined 290 basis points year over year to 19.2%. While stillelevated, conditions are improving as leasing activity increases."

"Availability decreases further, reaching its lowest level since Q1 2023"

"Engineering firms in expansion mode may be a positive leading indicator"