A sharp divide is emerging in the U.S. office market: companies are shedding secondary space while doubling down on premium buildings in central business districts, underscoring a renewed willingness to pay for workplaces that can justify the commute.<\/p>\n
That’s the central finding of a new report from CBRE, which analyzed the 100 largest office leases signed in 2025. The data show a decisive tilt toward downtown towers and top-tier properties, even as overall office demand remains uneven.<\/p>\n
More than half of those marquee deals — 54 out of 100 — were signed in downtown locations, accounting for roughly 59% of total square footage. Leasing activity for large blocks of space, defined as 100,000 square feet or more, climbed 19% in urban cores compared with the broader market, suggesting that central business districts are regaining strategic importance for major occupiers.<\/p>\n
The preference is even more pronounced at the top end of the quality spectrum. So-called “prime” buildings — the most sought-after assets in any given market — captured 18% of leasing volume among the largest deals despite representing just 8% of total U.S. inventory. Class A properties absorbed another 61%, indicating that demand is cascading into slightly lower tiers as premier space becomes scarce.<\/p>\n
The shift reflects a recalibration of workplace strategy after years of contraction. Companies that downsized footprints earlier in the decade are now encountering capacity constraints, particularly in high-performing offices designed to support collaboration. At the same time, employers are placing greater emphasis on amenities, location, and design as tools to draw workers back in person.<\/p>\n
That change in posture is showing up in deal structure. Expansions accounted for the majority of activity among the largest leases, representing 55% of the 28.1 million square feet tracked. By count, half of the top 100 deals involved tenants growing their existing footprint, up from 44 such transactions a year earlier.<\/p>\n
Relocations are also on the rise, making up 31% of total leased space, a notable increase from 2024. About one-quarter of those moves were into prime buildings, reinforcing what brokers describe as a “flight to quality” that continues to reshape the market.<\/p>\n
Behind both trends is a gradual return of corporate confidence. After a prolonged period of short-term renewals and defensive leasing, many firms now appear more willing to commit to long-term space needs, particularly in buildings that align with hybrid work models.<\/p>\n
Sector dynamics are also shifting. Financial services firms led all industries in 2025, accounting for nearly a third of the largest leases — more than doubling their share from the prior year. Technology companies followed closely, though their share of activity edged lower. No other sector reached double-digit participation, highlighting how concentrated demand has become among a handful of industries.<\/p>\n
Geographically, New York City’s Manhattan market retained the top position, buoyed by large tenants moving early to secure limited blocks of high-end space. Silicon Valley climbed to second place, while Tampa broke into the top 10 markets for the first time since tracking began.<\/p>\n
Both Manhattan and Silicon Valley increased their share of total leased space among the top deals, each gaining about three percentage points. The gains reflect the industries driving demand: finance in New York and technology in the Bay Area.<\/p>\n
Taken together, the data point to a market that is no longer defined simply by contraction, but by selectivity. Companies are leasing less space overall — but when they do sign, they are choosing offices that offer location, experience, and scale, effectively concentrating demand into a narrower slice of the market.<\/p>","protected":false},"excerpt":{"rendered":"
A sharp divide is emerging in the U.S. office market: companies are shedding secondary space while doubling down on premium buildings in central business districts, underscoring a renewed willingness to pay for workplaces that can justify the commute. That’s the central finding of a new report from CBRE, which analyzed the 100 largest office leases […]<\/p>","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-62818","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n