2026可再生燃料经济性：当前成本下的OPEX (运营支出) 测算分析报告
H2 2025 U.S. FIRE industry leasing trends | H2 2025 new deals signed between 10k and50k sf top industry leasing new spaceacross the U.S. in 2025 average new lease term at theend of 2025 The FIRE industry leased the most space across the U.S.in 2025, making up 25.4% of new leasing activity. Thesecond-highest industry was tech at 17.9% followed bylaw firms at 9.9%. Compared with 2024, FIRE activityrose 13.7%. Manhattan and Chicago recorded thelargest share of law firm leasing among gatewaymarkets, while Los Angeles experienced the lowest. Mid-size tenants accounted for nearly half of FIRE leasingactivity in 2025, with 45.1% of leases in gateway marketsfalling between 10,000 and 50,000 square feet (sf). Thisrepresents a 4.9% year-over-year increase, continuing thetrend of tenants becoming more comfortable committingto additional space. Historically, law firms have signed the longestleases across gateway markets, but FIRE tenantsare shifting that dynamic, recording the second-longest average term in 2025. FIRE tenantsaveraged 85-month terms for new leases and 66months for renewals at the end of 2025. While 47.3% of leased spaces were under 10,000 sf, largerspaces experienced a noticeable uptick, with 3.5% of newleases in 2025 reaching 100,000 sf or more, compared withjust 1.7% in 2024. This shift suggests tenants whodownsized immediately after the pandemic may now berightsizing to meet their return-to-office needs. Compared to 2024’s average, term lengths climbed6.4%. As tenants become more comfortable withthe economic environment, lease terms areexpected to continue lengthening as they look tolock in current rental rates rather than risk elevatedcosts in the future. Active job postings are a key driver of this momentum,as FIRE postings are up 15% year over year, reflectingrenewed activity in real-estate transactions, capitalmarkets, and broader investment flows throughout2025. Industry leasing activity Aerospace and defenseBiotech, life sciences, pharma andhealthcareConsulting, research, accounting andrecruitingEducationEnergy and utilitiesEngineering, architecture, constructionand building materialsFIREFlexible office providerGovernmentLaw firmsMedia, PR, telecom and entertainmentNonprofits and associationsOtherRetailTech The FIRE industry comprised25.4% of new leasing activityduring 2025. This was a 13.7%increase from the same periodin 2024. The second highestindustry was tech at 18.2% ofleasing activity followed by lawfirms at 9.9%. The increased activity is beingdriven by several factors, oneof which is a 15% year-over-year uptick in FIRE jobpostings. Lease terms by major industries FIRE tenants recorded a 12-month average lease term of85 months for new deals and66 months for renewals at theend of 2025. Compared withthe previous 12-monthaverage, this reflects a 6.4%increase in term length. Historically, law firms havesigned the longest leasesacross gateway markets, butFIRE tenants are shifting thatdynamic, recording thesecond-longest average termin 2025. Lease size breakdown FIRE leasing activity amongmid-size tenants made upalmost half of all activity in2025, with 45.1% of leases ingateway markets fallingbetween 10,000 and 50,000 sf. While 47.3% of leasingoccurred in spaces under10,000 sf, larger footprints alsogained traction, with 3.5% ofnew leases reaching 100,000 sfor more in 2025—up fromjust 1.7% in 2024. Top FIRE lease transactions | H2 2025 Recent leasing activity Localmarket 2025FIRE trends Atlanta 58% of FIRE leases in Atlanta were for spaces under 10,000 sfin 2025, reinforcing the market’s long-standing concentrationof small to mid-sized tenants. An emerging trend to watch istheincrease in mid-size leasing during the second half of theyear, with activity in the 10,000–19,999-sf range rising15.8%and leases between 20,000 and 49,999 sf surging 80%. In 2025, the FIRE sector accounted for22% of Atlanta’s totalleasing activity—making it the most active industry in themarket. This activity is anticipated to continue throughout2026 as companies become more comfortable with thecurrent economic environment and financial activitiesincrease not only in Atlanta, but across the country. Renewals dominated FIRE leasing activity throughout 2025,accounting for 47.1% of leases signed. New deals followed at45.6%, and expansions made up 7.3%. This marks a notableshift from 2024, whenrenewals accounted for just 40% ofleasing activity and new deals made up 54%. Boston Boston’s CBD dominated leasing activity for FIRE tenants in2025, as tenants sought to position themselves at the city’seconomic center and in an easily accessible area foremployees amid rising RTO policies. The 128 West and 128North submarkets also posted strong years in 2025 aspopular office parks continue to attract FIRE tenants to thesuburbs. New deals accounted for most of the leasing activity amongFIRE tenants in Boston, as firms opted for new space to helpattract employees back to the office. Many companies alsorenew
