📝CRE360 Take:
JLL reports that U.S. office gross leasing volume rose 6.5 % QoQ to 52.4 million sq ft, nearly matching post-pandemic highs. Less than 6 million sq ft remains under active construction, down sharply from over 50 million in 2019. Vacancy is reported to have started declining for the first time since early 2019.

 JLL’s data indicate the long-feared structural collapse in office demand may be moderating; however the firm stops short of projecting a full recovery. What’s underplayed: risks tied to secondary/suburban assets and credit-stressed landlords. The near-zero pipeline is positive, but may reflect discouragement of speculative supply rather than a demand-led revival.

For investors/operators the signal is to watch core/prime office markets more closely—especially those with strong occupier demand and limited new supply. Secondary assets remain high-risk; consider selective opportunistic plays rather than broad-based office allocations.

Publisher Credit:

Full report: JLL — U.S. Office Market Dynamics, Q3 2025