U.S. Office Leasing Volume Lags Historical Norm Despite Recent Recovery
CoStar Group published proprietary research showing U.S. office leasing has rebounded but remains below pre-pandemic norms, with tenants signing an average of 105 million square feet per quarter over the past four quarters — about 10 million square feet below the 2015-19 average. CoStar analytics director Phil Mobley attributed the smaller average lease sizes to post-pandemic footprint consolidation, while elevated construction and financing costs limit availability of updated space for relocating occupiers. San Francisco, boosted by AI-driven tech leasing, has surpassed its pre-pandemic leasing pace, with volume also elevated in New York, Nashville, and Miami.
Key figures
- Shortfall vs 2015 19 avg
- roughly 10 million square feet below historical average
- Avg quarterly new lease sqft
- 105 million square feet over past four quarters
- Sf pre pandemic quarterly leasing
- 2% of inventory
- Avg monthly unique visitors q2 2026
- over 118 million
AI analysis
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AI-generated analysis of a public disclosure. Not investment advice; verify against the original document.