Q3 2025 Office Market Reports

"Office space demand isexpanding beyond trophy assets to awider swath of high-quality Class Aspace, as return-to-office adoptiongrows and recovery takes hold acrossmoreU.S. markets."

"The overall availability rate increased 100 basis points (bps) year over year but recorded its first quarterly decline in nine quarters, decreasing by a modest 40 bps"

"Tenants are prioritizing high-quality, ready-to-occupy Class A space, driving demand away from aging inventory"

"The overall availability rate has now increased for 15 consecutive quarters, rising 100 basis points (bps) in Q3 2025 and 360 bps year over year"

"At roughly 775,000 square feet (sf), leasing volume reached its highest total in three years and increased by 33.8% year over year"

"Total availability and sublease space were unchanged year over year at 22.0% and 1.7 million square feet (msf) respectively, reflecting consistent tenant demand and balanced market conditions"

"Flight-to-quality is shaping rent, absorption, and development patterns, with demand concentrating in top-tier office assets—particularly within the West Palm Beach CBD"

"Leasing activity totaled 2.0 million square feet (msf) in Q3 2025, marking the strongest post-pandemic quarter and surpassing the 5-year quarterly average of 1.4 msf"

"Leasing activity held steady at 0.7 million square feet (msf) in Q3, with the Central Business District (CBD) leading for the first time this year at 25.5% of overall leasing activity"

"Leasing activity remains resilient with several large deals done"