Hybrid is the new normal: Two-thirds of U.S. firms offer flexible attendance, leaving physical office use stuck in the 50–55% range. While NYC has seen its strongest leasing demand in five years, most markets remain sluggish, with top-tier buildings carrying the load.

Rents & vacancy: Office rents averaged $32.63/SF in August, down 0.4% from last year, while vacancy eased to 18.7%. Seattle, Austin, and San Francisco remain oversupplied with vacancies above 25%, but Manhattan stands apart with just 13.6% vacancy and rents near $68/SF.

Sales activity: Sales hit nearly $33B YTD, averaging $190/SF—well below 2019’s highs. Manhattan led with nearly $5B in deals, trailed by the Bay Area and D.C. A standout transaction came in Dallas, where Cousins Properties paid $218M for The Link at Uptown, reflecting strong demand for top-tier assets.