Global Real Estate Intelligence
Cushman & WakefieldReport

U.S. Office MarketBeat - Q4 2025

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.

OfficeU.S. National
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Retail gave back 4.6 million square feet of net absorption in Q1 2026 and national vacancy rose 10 basis points to 5.9%, still well below the historical average of 7.4%.

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