The U.S. office market’s post-pandemic recovery has been incredibly complex, and leasing in the first half 2024 highlights how multifaceted it continues to be.

Given the economic uncertainties the United States faces through the remainder of the year and into 2025, it is unlikely the market will become less challenging. Yet, leasing activity this year has been highly bifurcated. Class A buildings have seen positive leasing fundamentals in all markets where there is demand and are experiencing higher office occupancy rates than lower-tier buildings. The consistent return-to-office trend among tenants reflects the desire to bring employees back by providing them with high-quality space in well-located properties with excellent amenities.

Location matters

There is a saying that “all politics is local.” Well, the same is true about this year’s leasing performance trends. Pre-pandemic, it may have been easy to paint markets with a broad brush