To office market participants and observers, 2025 marked the year when the recovery finally began. Following four-and-a-half years of heavy demand losses totalling 48 million square feet across the country, as companies re-sized footprints and adapted to new working practices unleashed – perhaps temporarily – by the pandemic, net absorption of office space turned positive in 2025 as companies occupied 1 million square feet more space than they vacated in the first three quarters of the year. It was also the year when demand broadened beyond the super-prime office buildings that had been driving all the demand.
