1、U.S.Office Leasing House View2Q25Reach Out to Your Newmark Contact for the Extended Edition ReportNEWMARKLabor Markets:Since February 2020,new office-using jobs have generated an estimated 346.9 million SF of office demandpartially offsetting the impact of hybrid work.Still,sustained job growth rema

2、ins essential to a full recovery in office markets.More recently,the education,healthcare and government sectors have led growth,with a combined 381,678 jobs added over the past 12 months.While office-using employment continues to expand,growth has flattened since 2023,largely due to underperformanc

3、e in the tech sector.Among the top 50 office markets,29 recorded gains in office-using employment over the past six months,with 17 of those markets posting faster growth than in the prior six-month period.Hybrid Work Transition:Slower job growth increases office markets exposure to demand shifts dri

4、ven by hybrid work.Newmark estimates that 49%of pre-pandemic leases remain unrenewed,including 1.4 billion SF scheduled for renewal between 2025 and 2027.Average lease sizes have also declined by 12.5%from pre-pandemic levels,signaling potential ongoing reductions in demand.However,Newmarks tenants-

5、in-the-market data shows that 69%of tenants plan to either maintain or expand their footprints at renewal.As a result,the outlook is less dire and points to a gradual recovery.National Trends:Occupied space declined by 2.5 million SF in the second quarter of 2025,with losses totaling 4.0 million SF

6、year-to-date.Still,performance is improving from the 2020 Q2 2024 Q3 period,when average quarterly losses amounted to 15.6 million SF.Leasing activity rose in half of the tracked markets,with national leasing reaching 1.2%of inventory,slightly above the prior years quarterly average of 1.1%.National