美国写字楼市场报告：2025年第二季度

Q2 2025 U.S. office market trends office sales volume over the lastfour quarters total leasing activity inH1 2025 overall availability rate seesfourth consecutive decrease The overall availability rate for U.S. office spacesat at 23.2% in Q2 2025, comprised of a 20%direct availability rate and 3.2% sublet availabilityrate. Q2 2025 was the fourth consecutivequarterly decline in overall availability—a trendnot seen since before 2016. U.S. office leasing activity totaled138millionsquare feet (msf) in the first half of 2025—down16.2%from the pre-COVID average (2000–2019) of164 msf, and13.9%belowH12024’s volume of160 msf. Office sales volume surged 69% over the past fourquarters compared to the prior year, signalingrenewed investor interest in the sector. Trophy and class A assets dominated the market,accounting for more than 71% of the $40.8 billion intotal transactions during this period. However, several key markets are showing strongmomentum:San Francisco’s leasing activity is up61%year over year and Manhattan has risen17.2%,with both markets at or approaching pre-COVID leasing levels (San Francisco is20%below,while Manhattanis1%ahead). Quarter over quarter, direct available spacedecreased by 3.6 million square feet (msf) andsublet available space decreased by 5.6 msf,netting a 10.2-msf decrease in total availablespace. While the availability rate remainedhistorically high, this quarterly decrease in supplyis a positive indicator for the U.S. office market. Notably, gateway andSunBeltmarkets—includingManhattan, Miami, Los Angeles, Chicago, Houston,and Dallas—all experienced a marked rebound insales activity, reflecting growing demand for high-quality office product in key markets. Available space The overall availability rateacross the U.S. dropped by 15basis points (bps) quarter overquarter to 23.2%. This markedthe fourth consecutive quarter-over-quarter decrease inoverall availability. Direct available spacedecreased by 3.6 msf andsublet available spacedecreased by 5.6 msf—nettinga 10.6 msf quarter-over-quarterdecrease in available space. Leasing activity U.S. office leasing activitytotaled138msf in the first halfof 2025, falling 16.2% short ofthe pre-COVID H1 average(2000-2019) and down 13.9%from H1 2024. 110leaseshave exceeded100,000square feet (sf) in sofar in 2025—a7% dropcompared to H1 2024. Office sales volume Office sales volume over the lastfour quarters grew 68%compared to the previous four. Of the $40.6 billion in officeproduct sold over the past fourquarters, over 71% came fromtrophy and class A product. Major markets like Manhattan,Miami, Los Angeles, Chicago,Houston, and Dallas saw asignificant uptick in sales volumeover this time frame. Introducing The OfficeBusyness Index Access the most accurateview of office utilization inthe industry today. Exploreour interactive dashboard touncover how busy officebuildings truly are acrossU.S. markets. Learn more U.S. office busyness,May2019vs. May2025 As of May 2025, officebuildings across the U.S. are60.4% as busy as they were inMay 2019. Despite seeming like relativelylow office visitation, U.S. officebuildings have experiencedslow and steady increasessince the onset of thepandemic in early 2020. U.S. office busyness by major industry,May2019vs. May2025 Certain industries across theU.S. have seen stronger officebusyness than otherscompared to 2019. As of May2025, government andengineering/architecturefirms—for example—were at68.6% and 66.9% of their 2019levels, respectively. Other major industries, liketech and consulting, have seenweaker busyness figuresacross the U.S. at around 50%of 2019 levels. U.S. office busyness—overperformingand underperforming markets,May 2019 vs. May 2025 As of May 2025, certain officemarkets across the U.S. haverecovered toward 2019 levelsbetter than others. Miami and Washington, D.C.—for example—were at over71% of their May 2019 levelsas of May 2025. On the otherhand, San Francisco Peninsulaand Minneapolis have notrecovered as well, at 44.1%and 47.6%, respectively. U.S. office busyness by day of week,May 2019 vs. May 2025 Looking at office busynessacross the U.S. by day of theweek, it is no surprise thatTuesday through Thursday ledthe way in May 2025 whencompared to 2019. Given the evolving hybridstructure of many companies,employees seem to beadopting a Tuesday,Wednesday, and Thursdayoffice schedule with someMondays and Fridays remote. U.S. officemarket drivers The quits-to-layoffs/dischargesratio measures the tightness ofthe office labor market. As of the end of April 2025, theratio, or employee leverage,sitsat 1.3. Employee leverage hasfallen considerably since the endof 2023 (2.0). Leasing activity, rolling four-quarteraverage vs. pre-COVID average (2015-2019) While overall leasing activity inmost markets remains belowpre-COVID norms, the pace ofrecovery continues to varywidely by location. Manhattan is nearing fullrecovery, with leasing volumesover the past four quartersappro