Large occupiers drove a notable rebound in U.S. office leasing activity in 2025, with expansions making up the majority of the year’s biggest deals.
Expansions accounted for 55% of the 28.1 million square feet leased across the top 100 office transactions, up from less than half in 2024—signaling renewed confidence among major tenants, according to a new CBRE report.
Relocations also played a larger role, rising to 31% of top-occupier activity from 21% a year earlier. Nearly two-thirds of those moves involved companies taking on more space, reinforcing the trend toward growth rather than consolidation.
Tenants Trade Up to Higher-Quality Buildings
Beyond expanding, many large occupiers used relocations as an opportunity to upgrade. One-quarter of relocation activity landed in prime office buildings, despite those assets representing just 8% of total office inventory. Downtown properties captured 59% of the top 100 leases, underscoring continued preference for dense, connected urban cores.
Class A buildings absorbed the bulk of demand. Prime and next-tier Class A assets together accounted for nearly 80% of the largest leases, while Class B buildings attracted a smaller share relative to their overall supply.
Manhattan and Silicon Valley Pull Ahead
Manhattan dominated the top 100 leases, representing 36% of total square footage. Silicon Valley and Washington, D.C. followed at 8% each, though Washington’s share declined amid federal government cutbacks. Private-sector tenants in the region partially offset those losses, doubling their presence compared with 2024.
Manhattan and Silicon Valley were the only markets to post year-over-year gains in their share of major leasing activity, each increasing by three percentage points. The top 10 U.S. markets collectively accounted for roughly 80% of total square footage among the largest deals.
Finance and Tech Lead Expansion Activity
Industry mix played a central role in shaping leasing patterns. Finance and Insurance firms claimed the largest share of top-100 leasing activity at 29%, up sharply from 2024. Technology followed with 28%, though its share declined modestly year over year.
In both sectors, nearly two-thirds of leasing activity consisted of expansions, pointing to selective but meaningful growth among the largest employers. No other industry exceeded a 10% share of total square footage.
Renewals Likely to Rise in 2026
Large-block leasing is expected to remain concentrated in core districts of major gateway markets, driven primarily by finance and technology users. However, limited availability of high-quality space may slow new commitments, pushing more large tenants toward renewals in 2026 rather than relocations or expansions.
