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Stable office leasing provides base for recovery in demand in the year ahead

Leasing volume holds steady throughout 2024 but remains below its historical average
Only Austin, Texas, saw a greater increase in office leasing activity in 2024 than San Francisco, shown here, where leasing volume bounced back, increasing 40% above 2023 levels. (Anthony Lindsey/CoStar)
Only Austin, Texas, saw a greater increase in office leasing activity in 2024 than San Francisco, shown here, where leasing volume bounced back, increasing 40% above 2023 levels. (Anthony Lindsey/CoStar)
CoStar Analytics
January 10, 2025 | 7:02 P.M.

Office leasing has found a new level, one that is lower than it was before the pandemic hit in 2020 but still strong enough to support demand growth as move-outs decline.

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