Office downsizing hit its lowest level since 2019 in Q4 2024, as return-to-office mandates drive leasing stability. Large tenants reduced space by only 2.9% on average, a sharp decline from previous years. While leasing activity remains 10% below pre-pandemic levels, office availability dropped for two consecutive quarters. Expansions accounted for 9.4% of leasing in major markets, and long-term renewals are increasing. High-quality office assets remain in demand, while older buildings struggle. With limited new development, mid-tier properties may benefit as top-tier space fills up. The office market shows early signs of recovery, though progress varies by city.

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Bisnow
Matt Wasielewski
#OfficeSpace
#Work
#Boston