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From Opportunistic to InstitutionalHow AI firms have matured as office occupiers in San Francisco and New York
AI companies have become a major force in office demand, and the way they lease has changed as they scale. CompStak and Savills track the shift across leasing volume, submarket concentration, the sublease-to-direct mix, building quality and lease economics.
A joint report by CompStak and Savills
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Access the complete data for both markets, five tracked tenant histories and the lease economics behind the shift.
AI leasing started as a San Francisco story. It is now a two-market story, with Manhattan closing in fast. In both cities, the way AI firms lease has changed as much as how much they lease. The discounted sublease space that carried the sector’s early growth is largely spoken for. For landlords, investors and occupiers competing for the same Class A blocks, knowing what AI tenants now commit to and pay shapes the deals getting done today.
Key Insights
What’s inside the report
Two markets at different stages
San Francisco remains the larger AI office market, but Manhattan is climbing quickly. The report compares volume and market share in both cities and shows where each sits on the curve.
The submarkets AI demand favors
AI leasing clusters in a handful of neighborhoods, and supply there looks very different from the citywide average. The report maps how availability has moved where AI tenants concentrate.
From sublease to direct
Early AI footprints were built on discounted sublease space. CompStak sublease data shows how that mix has changed and what happened to the discount that drew tenants in.
More space, longer terms, better buildings
Five AI tenants were tracked from their first office lease to their most recent. Their histories show how footprint, term and building quality move together as these companies scale, alongside the concession and starting rent data that shows whether the bargain phase is over.
Signals of demand ahead
Hiring and capital tend to run ahead of space needs. The report looks at AI job postings and venture funding in both markets, and what they suggest about the supply of quality space over the next two years.
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Two markets. Five tracked tenants. The data behind AI’s move to institutional terms.
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Get AccessSource: CompStak proprietary database and Savills Research. Data as of H1 2026. © 2026 CompStak, Inc.