US Office Market Hits Several Benchmarks in Q2, New Data From CBRE

New data from Facilities & Estates Management Live 2026 exhibitor, CBRE.

CBRE published its Q2 US Office Figures report today outlining several measures of market recovery. Those national stats include:

The largest vacancy decline (30 basis points) in 11 years. Vacancy now stands at 18.3%, still elevated but starting to recede.
2026 office leasing activity is on track to exceed the 2019 pre-pandemic total for the second time (the last time was in 2022).
Nine straight quarters of positive net absorption, including 12.6 million sq. ft. absorbed in the second quarter.
The strongest year-over-year gain in asking rents (+2.6%) since 2020.
A hefty six-percentage-point gap between vacancy of prime buildings (12.3%) and the overall market (18.3%).
A few Q2 datapoints not included in the report:

Tech companies claimed the largest share – 19.5% – of office-leasing activity in Q2, followed by finance & insurance at 14.78%.

Downtown San Francisco posted the largest decrease in vacancy (5.6 percentage points). Manhattan registered the most net absorption in the quarter of any market: more than 3 million sq. ft.

Tenants in Manhattan absorbed 26 million sq. ft. over the past eight quarters, including 3 million sq. ft. in Q2 2026.

Renewal and new leasing activity in Manhattan continues to track near last year’s record-setting pace.