09/10/2026
2Q26 U.S. Office Market Conditions & Trends
The latest data for 2Q26 paints a revealing picture of the U.S. office market. Net absorption reached 8.8 million square feet this quarter, marking a clear improvement as vacancy rates dropped to 19.9%. Leasing activity also picked up by 9.1%, with tech hubs leading the charge—a trend my team and I have been tracking closely given its impact on both regional and national dynamics. Notably, trophy office spaces saw vacancy fall further to 16.7%, underscoring continued flight to quality. New construction has slowed dramatically, down 85% from its peak, which is reshaping supply pipelines in cities across the country. Meanwhile, AI demand remains a major driver, with $145.6 billion in venture capital funding—much of it concentrated among Bay Area firms. As someone who has navigated office, investment, and development markets through many cycles, I find these shifts especially significant for owners, investors, and tenants evaluating their next steps.
https://www.housing-trends.com/agent-news/john-huggins/1887560-2Q26-U.S.-Office-Market-Conditions-%26-Trends