U.S. office vacancy rate falls 30 basis points to 18.3% in Q2 as leasing climbs: CBRE

AI Market Summary
CBRE data show a notable Q2 decline in US office vacancy and stronger leasing, suggesting incremental stabilization in commercial real estate demand as return-to-office policies expand. However, tenant decision-making remains cautious, with flexibility and lease-term uncertainty rising amid AI-driven planning shifts. The release is most relevant for CRE fundamentals and office REIT sentiment, but has limited immediate read-through to broad equities, rates, or commodities.
Impact level
● Low
Affected assets
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● Neutral
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U.S. office vacancy fell 30 basis points to 18.3% in the second quarter of 2025, the largest quarterly decline since 2015, according to CBRE. Leasing activity totaled 62.4 million square feet, up 16% year over year. Over the past 12 months, leasing reached 243 million square feet, a 4% increase from the prior period. Office use has moved above pre-pandemic averages as more organizations implement in-office policies, though actual attendance remains below employer expectations.