First look: America's biggest office leases are growing again
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America's biggest office leases actually got bigger last year, according to a new report first shared with Axios.
Why it matters: Companies have been shrinking their office footprints, with many people still working from home.
That's starting to change, per the report from CBRE, a commercial real estate firm.
- In 2024, the 100 largest office leases totaled about 28.9 million square feet, up from 26.8 million in 2023.
The big picture: Employers are calling for more in-person work, betting that an amenity-packed office in a hot location will help.
- Those top-shelf spaces are in high demand but can be hard to find, Mike Watts, a president at CBRE, tells Axios.
By the numbers: The combined size of the 100 biggest leases climbed around 8% in 2024 from 2023 — remaining well below its pre-pandemic 2019 level, CBRE data shows.
Between the lines: The tech industry reclaimed its spot as the leader in leasing large offices, driven in part by AI companies, per the report.
- Tech businesses held 29 of the top 100 leases in 2024, compared to 11 in 2023.
What's next: Experts say the return-to-office push could spread in the coming months, especially as President Trump cracks down on remote work for federal employees.
