Companies are showing more willingness to take additional office space in major global markets, with AI firms emerging as one of the strongest sources of expansion.
Prime office leasing volumes were stable in the first half of 2026 across a dataset tracking the 10 largest deals in 42 markets. Expansion accounted for 58% of transactions, while only 5% involved companies reducing their footprint, according to Savills.
The share of occupiers relocating or renewing with roughly the same amount of space fell to 37%, from 44% in the second half of 2025.
Flex Operators Continue To Add Space
Flexible workspace providers recorded the highest proportion of expansionary deals, with 78% of their transactions involving additional space.
More than half of those expansions were in markets where operators already had a presence, suggesting companies are concentrating growth in established locations.
Chinese operator YBCN expanded in Shenzhen through three deals totaling 720,000 square feet. In Europe, Amsterdam and London’s West End accounted for much of the expansion among flex providers.
Asia Pacific had the highest share of expansionary flex deals at 61%.
AI Is Becoming A Bigger Office Occupier
Technology and media companies recorded expansionary activity in 54% of deals, with AI companies accounting for nearly all of that growth in the dataset.
AI companies represented 17% of technology-sector deals in the first half of 2026, up from 3% two years earlier.
The largest AI leasing activity remains concentrated in established technology hubs. San Francisco was a major center of activity, including Anthropic’s commitments totaling nearly 900,000 square feet across two buildings on Howard Street.
OpenAI also expanded in San Francisco and Seattle.
London’s West End was another major AI market. OpenAI and Anthropic together leased 250,000 square feet during the period, while Humanoid and Sierra AI each took more than 40,000 square feet.
Professional Services Take A More Cautious Approach
Professional services had a much lower rate of expansion, with 39% of deals involving additional space.
More than half of transactions involved companies renewing or relocating without increasing their footprint. Economic uncertainty, pressure on corporate spending and changes brought by AI are contributing to a more measured approach to office growth.
EY, for example, renewed its 280,000-square-foot Sydney office without increasing its footprint.
Legal And Financial Firms Sign Large Deals
The legal sector had the largest average deal size during the first half of 2026, at 130,000 square feet.
Large transactions included Simpson Thacher & Bartlett’s 916,000-square-foot lease in Midtown Manhattan and Herbert Smith Freehills Kramer’s 268,000-square-foot pre-lease in London’s City.
Finance followed with an average deal size of 118,000 square feet.
Bank of America signed a 20-year, 2.4 million-square-foot lease at One Bryant Park in Midtown Manhattan, described in the data as the largest office lease in New York City history.
Other major financial deals included DZ Bank’s 224,000-square-foot expansion in Frankfurt and Visa Europe’s 180,000-square-foot lease in Warsaw, where it is consolidating multiple offices into one location.
Overall, the first-half data points to continued demand for prime office space, with expansion particularly strong among flexible workspace providers and AI companies.
