• Office demand fell for the third consecutive month in August, as occupiers continued to put off leasing decisions amid recession concerns.
• The U.S. Leasing Activity Index fell to 72 in August, the lowest level since May 2021. The sharpest drop was in Boston, but the market still maintained the second-highest ranking in the index with a level of 102.
• Three of the 11 Pulse markets had increased Leasing Activity Index levels in August: Manhattan (+8 points), Washington, D.C. (+7 points) and Denver (+5 points).
• The U.S. Tenants in the Market Index fell 6 points to 79 in August, the lowest level since March 2021.
• The U.S. Sublease Availability Index increased by 6 points to a pandemic-era high of 225, largely driven by increased availability in Seattle (+20 points), San Francisco (+18 points) and Chicago (+13 points). Several medium-to-large sublease spaces were listed by technology companies.
• All but three of the 11 Pulse markets had increases in sublease availability; the index level fell by 5 points in Atlanta and 2 points in Manhattan, while Philadelphia’s was unchanged.
Explore The Pulse of U.S. Office Demand