From coast to coast: A regional breakdown of U.S. office recovery
U.S. office leasing remains below pre-pandemic levels, but recovery varies by region. The Northeast and Mid-Atlantic regions—home to Manhattan and Washington, D.C.—showed strong demand growth in 2024, with a year-over-year increase of 13% and 8%, respectively, ranking among the most recovered regions overall. The Central and West regions continue to lag at nearly 30% below pre-pandemic levels.
Markets like Miami, Nashville, and Raleigh in the Southeast region were down just 17% in 2024 compared to pre-pandemic office leasing levels.
While Texas and the Southeast region initially experienced smaller declines in 2020, these regions had the strongest rebound and by 2022 were at -6% and -15%, respectively.