JLL outlook: Cyclical challenges persist but tentative green shoots emerging in second quarter

After three consecutive quarters of decline, U.S. office leasing has begun to rebound in the second quarter, with gross leasing volume growing 11.6 percent quarter-over-quarter, the fastest growth rate since second quarter 2021, according to JLL in its outlook report.

Texas and Florida were particularly strong contributors to leasing growth, collectively experiencing nearly 40 percent quarter-over-quarter growth.

Large transactions are also increasing after declining to the lowest quarterly levels during the pandemic in first quarter. Forty-three leases above 100,000 square feet were signed in the second quarter, up more than 10 percent from first quarter.

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