U.S. Office MarketBeat Q4 2025

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.