CoStar: US office leasing averages 105 million sq ft, still below 2015-19 norm
CSGP•US office tenants leased an average of 105 million square feet over the past four quarters, about 10 million below the 2015-19 average.
1. Leasing remains below norm
CoStar analysis showed US office leasing had rebounded but remained below pre-pandemic levels. Construction and financing costs have curbed new supply, while slow renovations limit relocation options for large occupiers seeking upgraded space. San Francisco leasing exceeded pre-pandemic levels, driven by AI-related tech demand, and New York also posted elevated activity.
