"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."

"Net absorption remains negative, standing at negative 200,000 square feet (sf) year to date as of Q2 2025, as activity remains concentrated within renewals."

"Vacancy, while up 70 basis points (bps) year over year, began to stabilize in the first half of 2025. Net absorption totaling 3.6 million square feet (sf) year to date has helped offset the occupancy losses recorded in 2024."

"Net absorption slowed to 400,000 square feet (sf) in the first half of 2025, driven primarily by new leasing activity. The East submarket accounted for four of the five largest deals, led by National Tire Wholesale’s 264,431-sf lease at 2470 Airport Boulevard."

"The vacancy rate increased to 9.2% in Q2 2025, up from 6.5% a year earlier. Net absorption has been the primary driver of vacancy increases, with this quarter marking the sixth consecutive period of occupancy losses."