A sharp divide is emerging in the U.S. workplace market: companies are shedding secondary space while doubling down on premium structures in main enterprise zone, underscoring a renewed willingness to spend for offices that can validate the commute.
That’s the central finding of a new report from CBRE, which analyzed the 100 largest workplace leases checked in 2025. The data show a decisive tilt toward downtown towers and top-tier properties, even as total office demand stays uneven.
More than half of those marquee offers– 54 out of 100– were signed in downtown areas, accounting for roughly 59% of total square video. Leasing activity for large blocks of space, defined as 100,000 square feet or more, climbed 19% in city cores compared to the broader market, suggesting that central enterprise zone are gaining back tactical value for major occupiers.
The choice is even more noticable on top end of the quality spectrum. So-called “prime” structures– the most sought-after properties in any provided market– recorded 18% of renting volume amongst the biggest deals in spite of representing simply 8% of total U.S. stock. Class A properties taken in another 61%, suggesting that demand is cascading into a little lower tiers as leading area ends up being limited.
The shift reflects a recalibration of workplace technique after years of contraction. Business that scaled down footprints previously in the years are now experiencing capacity restraints, especially in high-performing workplaces designed to support cooperation. At the exact same time, employers are placing higher focus on features, area, and style as tools to draw workers back face to face.
That modification in posture is showing up in offer structure. Growths accounted for the majority of activity among the largest leases, representing 55% of the 28.1 million square feet tracked. By count, half of the top 100 deals involved renters growing their existing footprint, up from 44 such transactions a year earlier.
Relocations are also increasing, making up 31% of overall rented space, a noteworthy increase from 2024. About one-quarter of those moves enjoyed prime buildings, strengthening what brokers refer to as a “flight to quality” that continues to reshape the marketplace.
Behind both trends is a progressive return of business self-confidence. After a prolonged period of short-term renewals and defensive leasing, numerous firms now appear more ready to devote to long-term area needs, especially in structures that align with hybrid work designs.
Sector dynamics are also moving. Financial services firms led all industries in 2025, accounting for almost a 3rd of the biggest leases– more than doubling their share from the prior year. Innovation business followed carefully, though their share of activity edged lower. No other sector reached double-digit involvement, highlighting how concentrated demand has actually ended up being among a handful of markets.
Geographically, New york city City’s Manhattan market kept the top position, buoyed by large tenants moving early to secure minimal blocks of high-end area. Silicon Valley reached second place, while Tampa broke into the leading 10 markets for the very first time given that tracking started.
Both Manhattan and Silicon Valley increased their share of total leased area among the leading offers, each gaining about 3 portion points. The gains reflect the industries driving need: financing in New york city and technology in the Bay Location.
Taken together, the data indicate a market that is no longer specified simply by contraction, however by selectivity. Companies are renting less area in general– however when they do sign, they are selecting offices that provide location, experience, and scale, successfully focusing need into a narrower piece of the marketplace.