While just over half of the top 100 office lease renewals in 2024 were for the same amount of space as before, a third were for larger spaces. The total amount of space leased also rose by 2.1 million square feet to 28.9 million square feet compared to 2023.

CBRE’s analysis of the top 100 office space leases in 2024 showed an average 8% increase to 288,834 square feet in the amount of space leased, “suggesting that occupiers are growing more comfortable with committing to larger spaces.” Of the companies that relocated, 75% moved to bigger spaces.
           
However, some companies reduced their footprint by 18% when they moved, as did 14% of renewals.
           
More than two-thirds (68%) of the top 100 leases signed were renewals, 10% more than in 2023. Movers sought high-quality space, with 84% moving to prime or Class A properties, which represent 63% of all U.S. office inventory.
           
By type, technology companies rose from third place in 2023 to the top ranking in 2024, signing 29 leases for 9.3 million square feet. CBRE largely attributed the gain to expansions by AI-related companies and data providers. Other active deals accounted for finance and insurance companies (4.9 million square feet), as well as professional and business services. However, there were large fall-offs in space taken by education and health services and the life sciences. Government leases fell from 19 to 9, the steepest drop of any sector.
           
Many companies were hunting for quality offices in amenity-rich locations. “Vibrant, mixed-use districts—micro-markets with prime office buildings, a dense residential population and immediate proximity to retail, dining and cultural amenities—were preferred over their business-centric counterparts,” attracting 60% of leases signed.
           
Nevertheless, 40% of the top 100 leases were for buildings in business-centric districts lacking the pizzazz of their mixed-use counterparts. Tenants seeking less costly space or large suburban office campuses found these districts met their needs.
           
The largest leases by square footage were generally in the Northeast and Pacific regions. In Manhattan, finance, insurance and law firms drove demand. In Washington, DC, the sources were government and technology companies. Boston was also in the mix. The West was led by Silicon Valley. Together, 51 deals in these four markets accounted for 57% of space leased.