Leasing volume edges up while fundamentals hold steady, despite job market struggles
Office market fundamentals held steady in Q3 2025 despite government cuts and consolidations pushing the region’s office-using employment growth to its weakest level since early 2021. Availability rates were nearly unchanged from Q2 2025 and fell by about 100 basis points (bps) year over year. Asking rents edged higher, especially in the Class A segment, as limited new construction intensified competition for top-quality space. Leasing activity reached its highest tally in five quarters, though occupier demand remained below pre-pandemic norms.