Office leasing statistics describe several different market signals: gross leasing, new deals, renewals, net absorption, vacancy, availability, occupancy, and leased rates. The figures below cover observed results through 2025 across the United States, India, Canada, Washington, D.C., New Jersey, and selected office REIT portfolios, with each measure kept tied to its stated geography and definition.
Key Office Leasing Statistics
The most broadly useful figures include:
- In Q4 2025, U.S. office vacancy was 20.5% across Cushman & Wakefield’s market coverage.
- Over the 12 months ending Q4 2025, about half of tracked U.S. markets recorded a vacancy decline.
- In 2025, 17 tracked U.S. markets had vacancy declines exceeding 100 basis points.
- In Q4 2025, U.S. office deliveries totaled 4 million square feet, the lowest quarterly total in the historical series since 2012.
- During full-year 2025, U.S. office net absorption was positive by 1 million square feet.
- By the end of 2025, U.S. national sublease availability was 20% below its Q1 2024 peak.
- In 2025, downtown buildings accounted for 54 of the 100 largest U.S. office leases.
- In the 100 largest U.S. U.S. office leases in 2025, downtown buildings represented 59% of square footage.
- In 2025, prime buildings captured 18% of top-deal square footage while representing 8% of total U.S. office inventory.
- In 2025, expansions represented 55% of the 28.1 million square feet in the 100 largest U.S. office deals.
- In full-year 2025, India recorded 83.3 million square feet of gross office leasing.
- In 2025, global firms accounted for 58.4% of India’s gross office leasing.
- In 2025, India’s office market recorded 57.0 million square feet of net absorption.
- In Q4 2025, India’s office vacancy rate was 15.2%.
- At the end of 2025, Canadian sublet availability stood at 11.4 million square feet.
- At the end of 2025, 69.4% of Canada’s 2.8-million-square-foot office construction pipeline was pre-leased.
- In full-year 2025, Washington, D.C. recorded nearly 6.9 million square feet of gross office leasing.
- In 2024, Empire State Realty Trust leased 1,324,824 square feet, including early renewals.
Contents
- Key Office Leasing Statistics
- U.S. Office Leasing Statistics and National Vacancy Trends
- Office Leasing Data by Deal Type, Market, and Building Quality
- India Office Leasing Statistics and City Growth
- Canada Office Leasing Statistics, Sublease Supply, and Construction
- Washington, D.C. Office Leasing Statistics and Asking-Rent Context
- REIT Office Leasing Statistics and Lease Exposure
U.S. Office Leasing Statistics and National Vacancy Trends
The U.S. national figures show why leasing activity and market conditions must be read together. Vacancy measures available inventory, while net absorption measures the change in occupied inventory; neither is a direct count of gross lease signings.
According to the United States Office Q4 2025 MarketBeat, U.S. office vacancy ended Q4 2025 at 20.5%, up 30 basis points year over year. About half of tracked U.S. markets recorded a vacancy decline over the 12 months ending Q4 2025, and 17 markets posted declines exceeding 100 basis points.
The same national report recorded 4 million square feet of office deliveries in Q4 2025. That was the lowest quarterly delivery total since 2012 in Cushman & Wakefield’s historical delivery series.
- U.S. office net absorption was positive by 1 million square feet during full-year 2025.
- National sublease availability at the end of 2025 was 20% below its Q1 2024 peak.
These figures are observed results within the report’s market coverage. Deliveries and sublease availability are supply measures, not leasing volume, and the national vacancy series should not be treated as a universal estimate for every U.S. building.
Office Leasing Data by Deal Type, Market, and Building Quality
Large transactions reveal a different pattern from broad market totals. CBRE’s sample covers the 100 largest U.S. office leases by square footage in 2025, so its percentages describe selected large deals rather than all U.S. leases.
| Category | 2025 result | Population or definition |
|---|---|---|
| Downtown buildings | 54 of 100 leases; 59% of square footage | 100 largest U.S. office leases |
| Prime buildings | 18% of square footage | Prime buildings were 8% of total U.S. inventory |
| Class A buildings | 61% of square footage | CBRE category one notch below prime |
| Expansions | 50 leases; 55% of 28.1 million sq. ft. | 100 largest U.S. office deals |
| Relocations | 31% of square footage | 100 largest U.S. office leases |
The CBRE release on the largest U.S. office leases of 2025 reports that downtown buildings accounted for 54 leases and 59% of the sample’s square footage. Leases of at least 100,000 square feet in downtowns rose 19% by square footage in 2025.
Building quality was concentrated in the largest transactions: prime buildings captured 18% of top-deal square footage while representing 8% of total U.S. office inventory, and Class A buildings captured 61% of the sample’s square footage.
Deal purpose and tenant industry also varied within the sample:
- Expansions represented 55% of the 28.1 million square feet leased in the 100 largest deals, with expansions appearing in 50 of the 100 leases.
- Relocations represented 31% of the sample’s square footage.
- Financial services accounted for 32 leases and 29% of the sample’s square footage.
- Technology accounted for 27 leases and 28% of the sample’s square footage.
New Jersey provides a separate market-level comparison. The CBRE New Jersey Office Figures Q4 2025 reported 798,000 square feet of Q4 leasing, up 14% from Q3 but 31% below the five-year quarterly average.
Full-year 2025 leasing reached 3.67 million square feet, 26% below 2024’s 4.93 million square feet and 47% below the 2015–2019 average.
India Office Leasing Statistics and City Growth
India’s data distinguish gross office leasing from net absorption. Gross leasing captures the report’s market activity definition, while net absorption measures occupied inventory change, so the two totals should not be read as interchangeable.
The JLL report on India’s 2025 office market recorded 83.3 million square feet of gross office leasing in full-year 2025, 7.8% above 2024. Net absorption reached 57.0 million square feet, and the Q4 2025 office vacancy rate was 15.2%.
| India measure | 2025 result | Scope |
|---|---|---|
| Gross office leasing | 83.3 million sq. ft. | India, full year |
| Change in gross leasing | 7.8% above 2024 | India, annual comparison |
| Net absorption | 57.0 million sq. ft. | India, full year |
| Global-firm share | 58.4% | Share of India gross leasing |
| Indigenous flexible-office firms | About 18 million sq. ft. | India, full year |
| Office vacancy | 15.2% | India, Q4 2025 |
City results were also uneven. Bengaluru gross leasing rose 9.8% year over year to 24.1 million square feet, Hyderabad rose 8.9% to 11.7 million square feet, Mumbai rose 13.0% to 11.6 million square feet, and Pune rose 18.2% to 8.1 million square feet in 2025.
These city figures are gross leasing measures, not net absorption. JLL’s global-firm classification and indigenous flexible-office segment are report-defined categories.
Canada Office Leasing Statistics, Sublease Supply, and Construction
Canada’s Q4 2025 figures emphasize supply adjustment. Downtown and suburban vacancy moved differently, while sublet removals, conversions, and construction activity changed the amount of office space available for leasing.
The CBRE Canada Office Figures Q4 2025 reported that Canadian downtown office vacancy declined 50 basis points in Q4 2025, while suburban office vacancy declined 30 basis points.
- Canadian sublease availability fell by 1.0 million square feet in Q4 2025.
- A cumulative 3.2 million square feet of Canadian sublets came off the market during 2025; the report notes reclaiming and conversion to direct space.
- Canadian sublet availability stood at 11.4 million square feet at the end of Q4 2025.
- The Canadian office construction pipeline ended 2025 at 2.8 million square feet, of which 69.4% was pre-leased.
- Two Canadian office projects totaling 83,000 square feet started construction in the second half of 2025.
- Eight conversion projects removed more than 1.0 million square feet of office product from inventory in Q4 2025.
The construction pipeline is not completed inventory, and pre-leasing is not occupied space. Likewise, sublease availability is not the same measure as total office vacancy or completed leasing transactions.
Washington, D.C. Office Leasing Statistics and Asking-Rent Context
Washington, D.C. illustrates how gross leasing can be separated into new deals and renewals. The market-level figures below do not provide an asking-rent statistic in the supplied observations, so leasing volume and deal composition are the focus.
The Washington, DC Office Q4 2025 MarketBeat recorded just over 1.4 million square feet of gross office leasing in Q4 2025, including 840,000 square feet of new deals. Full-year gross leasing was nearly 6.9 million square feet.
| Washington, D.C. measure | Result | Period |
|---|---|---|
| Gross office leasing | Just over 1.4 million sq. ft. | Q4 2025 |
| New deals | 840,000 sq. ft. | Q4 2025 |
| Gross leasing | Nearly 6.9 million sq. ft. | Full year 2025 |
| New leasing | 3.5 million sq. ft. | Full year 2025 |
| Renewals | 3.4 million sq. ft. | Full year 2025 |
| CBD leasing activity | 484,000 sq. ft. | Q4 2025 |
Annual gross leasing declined 21% from 2024 to 2025, based on nearly 6.9 million square feet compared with 8.7 million square feet in 2024. Renewals fell 26% year over year in 2025.
Core submarkets accounted for 84% of Q4 new leasing, or 702,000 square feet. CBD leasing activity totaled 484,000 square feet in the quarter; these are subsets of the wider market and should not be added to the total without a defined reconciliation.
REIT Office Leasing Statistics and Lease Exposure
REIT filings provide issuer-specific evidence about leasing and contractual exposure, not representative estimates for the entire office market. Their definitions can differ from market reports, particularly for occupancy, leased rate, annualized rental income, and lease expiration schedules.
Empire State Realty Trust’s 2024 Form 10-K reported 1,324,824 square feet leased in 2024, including early renewals. Manhattan office occupancy rose 130 basis points to 89.0%, while the Manhattan leased rate rose 160 basis points to 94.2%; the occupancy measure excludes storage and broadcasting, and the leased rate is issuer-defined.
Office Properties Income Trust’s 2024 Form 10-K reported 128 wholly owned properties containing about 17.8 million rentable square feet at December 31, 2024. The filing’s square-footage amounts are unaudited and cover wholly owned properties only.
- OPI reported a weighted average remaining lease term of about 7.4 years at December 31, 2024, weighted by annualized rental income as defined in the filing.
- The U.S. government represented about 17.0% of OPI’s annualized rental income at December 31, 2024; this is contractual-rent exposure, not leased area.
- Leases representing 9.9% of OPI’s annual rental income were scheduled to expire in 2025.
- Leases representing 4.2% of OPI’s annual rental income were scheduled to expire in 2026.
Scheduled expirations describe exposure as of December 31, 2024, not actual move-outs or nonrenewals. These portfolio statistics therefore complement, rather than replace, market-level vacancy and leasing measures.