Avison Young：2025 年下半年美国金融、保险与房地产（FIRE）行业研究报告（英文版）（18页）.pdf

1、Page 1U.S.FIRE report|H2 2025U.S.banking,finance,insurance,and real estate(FIRE)reportH2 2025Page 2U.S.FIRE report|H2 2025Source:Avison Young Market IntelligenceThe FIRE industry leased the most space across the U.S.in 2025,making up 25.4%of new leasing activity.The second-highest industry was tech

2、at 17.9%followed by law firms at 9.9%.Compared with 2024,FIRE activity rose 13.7%.Manhattan and Chicago recorded the largest share of law firm leasing among gateway markets,while Los Angeles experienced the lowest.Active job postings are a key driver of this momentum,as FIRE postings are up 15%year

3、over year,reflecting renewed activity in real-estate transactions,capital markets,and broader investment flows throughout 2025.Historically,law firms have signed the longest leases across gateway markets,but FIRE tenants are shifting that dynamic,recording the second-longest average term in 2025.FIR

4、E tenants averaged 85-month terms for new leases and 66 months for renewals at the end of 2025.Compared to 2024s average,term lengths climbed 6.4%.As tenants become more comfortable with the economic environment,lease terms are expected to continue lengthening as they look to lock in current rental

5、rates rather than risk elevated costs in the future.Mid-size tenants accounted for nearly half of FIRE leasing activity in 2025,with 45.1%of leases in gateway markets falling between 10,000 and 50,000 square feet(sf).This represents a 4.9%year-over-year increase,continuing the trend of tenants becom

6、ing more comfortable committing to additional space.While 47.3%of leased spaces were under 10,000 sf,larger spaces experienced a noticeable uptick,with 3.5%of new leases in 2025 reaching 100,000 sf or more,compared with just 1.7%in 2024.This shift suggests tenants who downsized immediately after the