The U.S. office market has recorded its fifth consecutive quarter of positive net absorption, with occupancy gains reaching 6 million square feet in third quarter 2026, according to a new JLL report.
Year-to-date net absorption totaled 21 million square feet, with technology-focused markets accounting for many of the strongest occupancy gains. Office leasing volume increased 6.4 percent during the past 12 months, led by gateway markets, where activity rose 13 percent. Meanwhile, leasing activity in Sun Belt and smaller tertiary markets reached more than 95 percent of 2019 levels.
New office construction remained limited, with 3.5 million square feet completed during the quarter, matching the near-record-low delivery volume recorded in second quarter 2026. Approximately 9.6 million square feet of office space was removed from inventory, contributing to a continued decline in the national office s
