Office Index Ranks Landlord and Tenant Friendly Cities

Office index tracks North American markets, highlighting landlord and tenant trends shaping sectors and guiding 2026 strategy.

March 31, 2026

Jordan B.

Office index reveals strong rebound in diverse, landlord-friendly cities like New York, Montreal and Charlotte.
Tenant-friendly conditions persist in tech-focused West Coast cities and markets with high vacancy rates.
Mid-sized and small markets show mixed performance based on demographics, relocations and construction activity.
Leasing activity aligns closely with population trends, especially in growing southern and Canadian cities.

Key Takeaways

Office Index Reveals Market Dynamics

Cresa’s Winter 2026 North American Office Index shows office markets are stabilizing. However, landlord and tenant leverage still varies by city. According to Globe St, the index evaluates 11 metrics, including occupancy, leasing momentum, and construction. It identifies Montreal, New York, and Dallas as landlord-favorable markets. Meanwhile, West Coast cities like San Francisco and Los Angeles remain tenant-friendly. Job losses and persistent remote work continue to shape those conditions.

Market Performance Varies by Region

High-quality office demand is prominent in cities such as New York and Charlotte, where upgraded spaces attract tenants. Leasing activity is strong in growing southern markets, but overall rent growth remains slow. Tenant opportunities are abundant in Houston and San Francisco because of greater vacancy and sublease space, while limited new construction in most cities tempers supply, except in Austin and Boston, where there is active development. At the same time, industrial markets show a shift toward smaller tenants driving leasing activity, reflecting broader changes in occupier demand.

Mid-Sized and Small Market Trends

The office index shows an uneven recovery across mid-sized cities. Florida metros like Miami and Tampa benefit from relocations and pro-business policies. These factors continue to attract companies and support leasing demand. Meanwhile, Oakland and San Diego favor tenants due to persistently high vacancy rates. Elevated availability gives occupiers more negotiating power in these markets.

In smaller cities, Boise and Huntsville report rising construction and higher vacancy levels. However, most small metros post declining vacancy and positive net absorption over the past year. This trend signals steady demand despite new supply. Construction activity remains limited in many markets. As a result, constrained supply helps landlords maintain leverage in select areas.

What’s Next for Office Occupiers

Office index data suggests occupiers will continue to have leverage in cities with high vacancy and slow rent growth, particularly those with weak population gains. Meanwhile, landlords in dynamic, low-vacancy cities are poised for stronger performance. Corporate relocations, economic diversity and new supply remain key factors in shaping landlord- and tenant-friendly dynamics across North America.