Leasing activity in the first quarter of 2026 reflected continued occupier demand for high-quality office space, with total volume reaching 8.5 million square feet and net absorption of 1.5 million square feet, according to JLL in its April market snapshot.
Activity was concentrated in trophy and class A buildings, driven by large corporate deals and expansions from technology firms, as tenants prioritized long-term workplace strategy and portfolio efficiency. Overall vacancy stood at 13.5 percent, down 2.2 percentage points year over year, with limited availability increasingly constraining tenant choice by location and building quality. Asking rents rose 3.5 percent annually, with overall direct rents averaging $83.51 per square foot and class A rents commanding a premium at $95.49 per square foot, underscoring continued pricing differentiation tied to quality and amenities. Development remained measured, with 4.9 million square feet underway and a high preleasing rate of 7