Avison Young：2026年第一季度美国写字楼市场报告（英文版）-三个皮匠报告

1、Page 1U.S.office insights|Q1 2026U.S.office market reportQ1 2026Page 2U.S.office insights|Q1 2026U.S.office leasing activity totaled 61.7 million square feet(msf)in Q1 2026 down 21.7%from the pre-COVID average(20002019)of 78.6 msf,and 19.7%below 2025s volume of 76.8 msf.However,several key markets a

2、re showing strong momentum:San Franciscos leasing activity is up 32.9%year over year(YoY),and Manhattans has risen 5.6%.Both are at or approaching pre-COVID leasing levels with San Francisco 6%below,while Manhattan is up 0.4%.Office availability is at 22.2%and has declined for seven consecutive quar

3、ters.This trend is widespread,with 91%of tracked office markets recording year-over-year decreases in availability.Increases in leasing activity,decreases in supply,and a“topping out”of availability have each helped drive the decline in availability depending on the specific market.The most signific

4、ant tightening has occurred in San Francisco,Austin,Silicon Valley,Manhattan,and Orange County,with each posting declines of more than 250 basis points over the past year.Overall leasing velocity is down year over year,but performance varies meaningfully by market and asset class.In several active m

5、arkets,leasing is improving across both trophy/A and class B assets.San Francisco,Charlotte,Manhattan,Boston,and Nashville are seeing broader-based demand,with activity picking up across the quality spectrum.In contrast,some markets are showing a more uneven recovery.In Seattle,Los Angeles,Miami,and

6、 the San Francisco Peninsula,class B leasing is growing while trophy/A remains negative.total leasing activity in Q1 2026 across the U.S.U.S.office markets that have seen availability decrease YoYmarkets saw year-over-year growth in class B leasing1091%61.7 msfU.S.office market trendsSource:Avison Y

Avison Young：2026年第一季度美国写字楼市场报告（中译版）（49页）.pdf

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