Over the past year, the decline in office occupancy has significantly eased, and a spike in leasing activity suggests that a long-anticipated rebound may finally be taking shape.
Still, the recovery is not widespread. Only a handful of top-tier office markets are showing clear signs of demand growth, highlighting that a full-scale resurgence across the sector has yet to materialize.
New York City continues to be a bright spot, registering positive net absorption for four consecutive quarters. The city has now regained approximately 5 million square feet of occupied office space—equivalent to about 0.5% of its total inventory—marking a slow but steady climb back in the world’s largest office market.
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