Cushman & Wakefield has released its Q2 2026 U.S. Office Marketbeat, showing the strongest evidence yet that the office recovery is broadening across the country. National vacancy declined year-over-year for the second quarter in a row, demand reached its highest level in six years on a four-quarter rolling basis and improving fundamentals extended across more than half of the 92 U.S. office markets tracked by the firm.
Although net absorption totaled a modest negative 360,000 square feet during the second quarter, upward revisions to prior quarters pushed the four-quarter rolling total to a positive 14.3 million square feet, marking the seventh consecutive quarter of improvement and the strongest level since 2020.
National office vacancy declined 10 basis points (bps) year-over-year to 20.1 percent, marking the eighth straight quarter in which vacancy remained largely flat. Overall vacancy fell both quarter-over-quarter and year-over-year in 49 of the 92
