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Office Sector Turns in Strongest Leasing Quarter in Five Years

Continued RTO rates and solid overall economic growth point to recovery.

By Kristen Smithberg | November 22, 2024 at 06:19 AM

Third quarter office leasing was the strongest it has been since before the pandemic as renewed optimism driven by improved return-to-office metrics has bolstered demand, especially for higher quality spaces. Continued RTO rates and solid overall economic growth point to a market that is on track for recovery.

This is according to Savills Research & Data Services’ Q3 state of the office market report, which found a higher proportion of leasing activity in suburban markets post-pandemic. The proportion of renewals relative to total leasing activity has increased as well, said the report.

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