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Manhattan's office market in Q1 2026 experienced historic leasing momentum with total new leasing reaching 9.5 million square feet (the highest quarterly total since Q2 2019) and combined new and renewal leasing soaring to 13.2 million square feet, a 36.1% year-over-year increase, while the overall vacancy rate declined to 19.9%—its lowest level since Q3 2021. Key transactions included Bank of America's 2.1 million square foot renewal and expansion at One Bryant Park and American Express's nearly 2.0 million square foot commitment at Two World Trade Center, with Class A asking rents edging up to $83.25 per square foot amid broader employment growth that added 15,700 jobs since Q3 2025.

Cushman & Wakefield's Q1 2026 industrial market report for Dallas/Fort Worth records leasing activity of 18.5 million square feet in the first quarter (the strongest Q1 on record) and 64.1 million square feet over the past 12 months, driven by robust demand from third-party logistics, e-commerce, manufacturing, and data center sectors. Overall vacancy reached 8.3%, down 130 basis points year-over-year, while asking rents reached $8.74 per square foot (up 10.0% annually), with deliveries totaling 5.1 million square feet and construction activity concentrated at 31.2 million square feet or 3.0% of stock, with build-to-suit projects representing 35.9% of that pipeline.

Cushman & Wakefield's Q1 2026 industrial market report for Los Angeles County documents a modestly growing yet softening market, with employment increasing 0.8% year-over-year but core industrial demand drivers (trade, transportation, utilities, and manufacturing) declining, while the overall vacancy rate rose to 4.6% and net absorption turned negative at -2.2 million square feet year-to-date. Average asking rents continued declining, down 3.4% year-over-year to $1.32 per square foot monthly on a triple-net basis, though the pace of decline has moderated and leasing activity remained steady at 8.7 million square feet, with demand concentrated in infill submarkets of LA South and LA Central.

Manhattan's retail market in Q1 2026 transacted over 1.2 million square feet with availability reaching a record low of 10.8%, driven by strong leasing momentum across corridors including Upper Madison Avenue at 3.4% availability and significant growth in food and beverage and apparel tenants. Market fundamentals remained supportive with median household income at $111,200 (up 3.2% year-over-year), tourism forecasted at 66.3 million visitors for 2026, and six of eleven submarkets recording rent increases, including Upper Fifth Avenue up 11.1% to $2,447 per square foot.

Cushman & Wakefield's Dallas/Fort Worth Office Q1 2026 report documents market conditions including a 24.5% overall vacancy rate, asking rents of $34.04 per square foot, 3.3 million square feet in first-quarter leasing activity (up 17.9% quarter-over-quarter), and positive net absorption of 116,870 square feet for the fifth consecutive quarter, with Class A outperforming at 339,931 square feet absorbed while Class B declined. The report projects that DFW office fundamentals will continue strengthening throughout 2026 as an emerging shortage of top-tier space drives upward rent pressure despite favorable concessions, and that construction activity will remain historically low at 2.0 million square feet with new starts of approximately 248,000 square feet in the first quarter.

The Chicago multifamily market achieved 95.0% occupancy by year-end 2025, up 0.1 percentage points year-over-year and above the 10-year average of 93.7%, with effective rents rising 3.7% to $1,913 per unit. The market absorbed 5,130 units in 2025 (down 51.3% year-over-year) while delivering 4,949 units (down 43.1% year-over-year), with 26,845 proposed units in the pipeline and 9,735 units under construction as of Q4 2025.

The U.S. multifamily market absorbed 355,000 net apartment units in 2025, the third-strongest year in 25 years, while 400,000 new units were delivered—a 26% decline from 2024—pushing vacancy to a record high of 9.3% and causing national asking rent growth to slow to just 1.1% year-over-year, the weakest annual gain since the pandemic. The construction pipeline has contracted materially to about 50% below its cycle peak, signaling stabilizing fundamentals and pointing to a gradual recovery in rents and occupancies over the coming years as supply continues to shrink.

Cushman & Wakefield's Q4 2025 U.S. office market report shows that net absorption turned positive in the second half of 2025 with +2.5 million square feet recorded in the final six months, with positive absorption occurring in 50 U.S. markets for the full year. Overall vacancy finished at 20.5% (up 30 basis points year-over-year, the smallest annual increase in five-and-a-half years), Class A buildings drove demand momentum with +9.2 million square feet of absorption for the year, and the construction pipeline dropped to just 19.1 million square feet under construction—the lowest level in the 21st century.

The U.S. industrial real estate market achieved 176.8 million square feet of annual net absorption in 2025, a 16.3% year-over-year improvement driven by strong demand from large users seeking modern automation-capable facilities, with inland markets led by Dallas/Fort Worth capturing significantly more demand than historically dominant port-proximate markets. Nationwide vacancy remained stable at 7.1% for three consecutive quarters, asking rent growth slowed to 1.5% year-over-year in Q4 (the lowest since Q1 2020), and industrial completions fell 35% to 280 million square feet—an eight-year low—as build-to-suit projects increased to 29% of deliveries while speculative supply moderated.

U.S. retail market fundamentals strengthened in Q4 2025 with net absorption reaching 3.4 million square feet—the strongest quarterly performance since Q4 2023—driven by discount retailers, grocery chains, and sporting goods stores backfilling vacant spaces, while the national vacancy rate finished at 5.7%, up 40 basis points from Q4 2024. Holiday sales grew 3.9%-4.2% year-over-year with 73% of purchases in physical stores, though new supply remained historically constrained at 10.2 million square feet for the full year, the lowest on record and 63% below the 2015-2019 average, while the under-construction pipeline of 12.7 million square feet represents the strongest level in five years with neighborhood centers driving 67% of activity.

U.S. retail net absorption turned marginally positive at 323,000 square feet in Q3 2025, though year-to-date absorption registered -13.1 million square feet, putting 2025 on track for the first negative-demand year since 2020. The national vacancy rate held steady at 5.8% from Q2 to Q3 despite rising 50 basis points year-over-year, while asking rents averaged $25.01 per square foot with growth slowing to 1.7% annually as consumer demand softens amid tariff impacts, muted job growth, and increased reliance on wealthy household spending.

Demand for high-quality office space is strengthening, with Class A net absorption turning positive at +3.0 million square feet on a four-quarter rolling basis in Q3 2025 for the first time in over three years, while office construction deliveries have declined sharply to 13.4 million square feet year-to-date—50% below the prior year and the lowest first three quarters since 2012. Overall U.S. office market net absorption was -4.3 million square feet in Q3 2025, though 46 of 92 tracked markets posted positive absorption, sublease availability declined 14.5% from its Q1 2024 peak, and the under-construction pipeline fell to 22.5 million square feet, representing just 0.4% of total office inventory and the lowest total in the 21st century.

U.S. industrial net absorption reached 45.1 million square feet in Q3 2025, up 30% quarter-over-quarter and 33% year-over-year, while national asking rents averaged $10.10 per square foot with year-over-year growth of 1.7%, and the national vacancy rate remained flat at 7.1% as new construction deliveries hit an eight-year low of 63.6 million square feet. Buildings constructed since 2020 have registered 196 million square feet of net growth year-to-date as occupiers continue a flight-to-quality trend consolidating operations into newer, high-utilization regional hubs.

In the third quarter of 2025, U.S. apartment net absorption reached 102,600 units—on track for the third strongest year since 2000—while asking rent growth slowed to 1.5% year-over-year as owners prioritized occupancy over rent increases amid economic uncertainty. The construction pipeline contracted significantly, with quarterly deliveries falling 27% year-over-year to 109,000 units, and units under construction declining to 454,371—the lowest level in a decade—signaling a meaningful slowdown in new supply with quarterly deliveries expected to remain under 100,000 going forward.

The first quarter of 2025 saw U.S. retail commercial real estate experience negative net absorption of 5.9 million square feet, the weakest quarter since the pandemic onset, with the national vacancy rate rising 20 basis points to 5.5% as tariff-driven cost pressures and consumer uncertainty dampened leasing demand. Asking rents for shopping center space averaged $24.76 per square foot, representing a 2.3% year-over-year increase but a significant slowdown from early 2024 growth rates above 4.0%, with the market expected to see vacancy rates rise to 6.0-6.5% by early 2026 absent recession conditions.

In Q1 2025, the U.S. multifamily sector absorbed 101,951 units with 2.0% year-over-year rent growth and a 9.0% national vacancy rate, as demand outpaced the 94,766 units delivered—the first time supply constraints have tightened since 2021. The construction pipeline contracted to 545,357 units under construction (34% lower than a year prior, returning to 2018 levels), with the South region accounting for 53% of net absorption led by Dallas/Fort Worth and Phoenix, while rent growth remained concentrated in the Northeast and Midwest markets despite widespread use of concessions suppressing effective rent gains.

Cushman & Wakefield's Q1 2025 U.S. office market report shows that while net absorption was negative at -10.5 million square feet in the quarter, the four-quarter rolling absorption total reached -35 million square feet, representing a 30% improvement quarter-over-quarter and 48% improvement year-over-year, with positive absorption recorded in one-third of U.S. markets. The report emphasizes that office vacancy remains unequally distributed at 20.8% nationally, with over half of office buildings maintaining single-digit vacancy rates, while Class A properties showed stronger absorption improvements of 36% quarterly and 55% annually, and supply pressures continued easing as sublease inventory declined 9.5% year-over-year and the construction pipeline contracted to 26.2 million square feet, its lowest quarterly delivery total in over 12 years.

The U.S. industrial market absorbed 135 million square feet of space in 2024, with fourth-quarter net absorption of 36.8 million square feet up 10.5% quarter-over-quarter, while construction deliveries decelerated to 85.3 million square feet in Q4—the softest quarter since mid-2021—with 78% of annual completions being speculative. Overall vacancy rose to 6.7% in the fourth quarter, increasing by 20 basis points and marking the slowest quarterly gain since late 2022, suggesting the market may approach peak vacancy in the first half of 2025.

The Cushman & Wakefield U.S. Multifamily MarketBeat Q4 2024 report analyzes apartment market fundamentals across 90 tracked markets, finding that 2024 delivered record absorption of over 436,000 units—72% above 2023 and 56% above the 2017-2019 average—yet vacancy rates still climbed to 8.9% nationally due to delivery of more than 530,000 new units. Construction activity has declined 40% from peak levels with only 230,000 new starts in 2024 (the lowest since 2012), positioning the market for tighter supply conditions over the next three to four years as most apartments scheduled for 2028 delivery have already broken ground.
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The MarketBeats hub aggregates quarterly office, industrial, retail and multifamily statistics across U.S. metros, updated each quarter.

The U.S. industrial vacancy rate reached 7.1 percent in the fourth quarter of 2025, with the Midwest tightest at 4.9 percent and the South and West at 7.9 percent. The report details supply, demand and pricing across national markets.

The quarterly report covers U.S. apartment demand, supply deliveries, occupancy and rent growth. It assesses national multifamily fundamentals and capital markets activity.

U.S. office inventory declined for a fifth consecutive quarter and is down 0.7 percent from its peak of 5.5 billion square feet. National vacancy was mostly flat over the year, rising just 5 basis points since the first quarter of 2025.

The quarterly report tracks U.S. shopping center leasing, absorption and rent trends. It covers supply, demand and pricing conditions across national retail markets.
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