The following analysis examines leasing activity across Tier 1 office markets through midyear 2026 and explores the market dynamics likely to shape demand during the second half of the year.
Momentum builds as U.S. gateway market office leasing hits multi-year highs
A defining quarter for U.S. office demandThe U.S. office sector hit a defining moment in Q2 2026, with gateway market leasing totaling 42.6 million square feet (msf)—the most active quarter since 2019. Quarterly demand exceeded the average recorded during the three years preceding the pandemic, highlighting that leasing activity has returned to levels that would have represented a strong quarter even before the office market’s pandemic-era disruption. First-half 2026 leasing volume among these markets reached 84.2 msf, delivering the strongest firsthalf performance since 2019. The growing momentum in office demand underscores the resilience of U.S. occupiers, who have continued to make leasing decisions despite macroeconomic uncertainty.
Tech hubs lead the charge...
...Looking ahead
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RSK: It might be larger markets but the same momentum can be seen in submarkets.
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- - Volume: 26 - WEEK: 31 Date: 7/28/2026 4:04:57 PM -