U.S. office leasing activity rose 5 percent year-over-year, with Boston reporting the highest growth in the metric, according to year-end data from CoStar.
Office tenants signed for an estimated 410 million square feet of space in 2025 — an increase from 2024, when leasing volume fell to its lowest level in 15 years (excluding 2020).
In addition, the year closed with three consecutive quarters of volume exceeding 100 million square feet — a first since the opening three quarters of 2022.
These figures reflect new office leases executed during 2025, including an estimate of those executed during the year but not yet recorded by CoStar research. Renewal leases are not included.
“Despite the rebound in 2025, leasing activity has yet to return to the level seen in the late 2010s,” said Phil Mobley, national director of office analytics at CoStar Group. “While transaction activity is near its all-time high, with approximately 30,000 lease deals last
