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2025 Mid-Year Office Market Report
Download the 2025 Mid-Year Office Market Report
What’s Next for 2025 and Beyond?
The office sector is showing signs of stabilization, but the recovery looks very different depending on market, asset class, and tenant type.
The Mid-Year Office Market Report, powered by CompStak data through Q2 2025, highlights critical shifts across 11 gateway markets including Boston, New York, San Francisco, Dallas–Fort Worth, and Washington, D.C.
Key insights include:
- Rents rebound: The starting rent index rose 4.7% since Q1 2024, reaching a new high in Q2 2025.
- Mark-to-market potential: 54.8% of mid-markets have rent estimates above in-place rents, signaling potential growth opportunities.
- Lease rollover wave: 57% of office leases are set to expire between now and 2030, with a Class A peak in 2026.
- Concessions diverge: Free rent averaged 7.8% of term, steady in Class A but climbing sharply in Class B.
- Northern California spotlight: San Francisco rents remain 33% below 2020 peaks while the Bay Area shows more resilience.