U.S. Office MarketBeat Q3 2025

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.