- Office leasing demand in Cousins’ portfolio topped 930 KSF in Q1 2026, among its highest-ever quarters.
- Average rents rose 18% year-over-year, reflecting competition for top-tier space.
- The leased rate across Cousins’ 21.1 MSF portfolio neared 92% as corporate migration and return-to-office drive activity.
- Limited new construction and high demand are enabling landlords to hold firm on pricing and terms.
Leasing Activity Hits New Highs
According to CoStar, Cousins Properties saw one of its strongest office leasing periods in recent memory, signing over 930 KSF of deals in the first quarter of 2026. The surge highlights growing office leasing demand as tenants reduce remote work and compete for limited high-quality space, particularly in Sun Belt markets.
Corporate Migration and Tight Supply
Executives credit corporate migration and escalating in-office attendance policies for fueling office leasing growth. With the national development pipeline at historic lows, premier office space is becoming scarce. This shortage is driving up rents—rising by 18% across Cousins’ portfolio—and pushing portfolio occupancy to just under 92%.
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Landlord Leverage Grows
Landlords like Cousins report stronger control over leasing terms and deal timing. Limited supply continues pushing net effective rents higher. High-end US office properties report an 8.5% vacancy rate. The broader office market vacancy rate stands near 14%. The gap highlights continued tenant demand for premium office space.
Development Outlook Strengthens
Rising office leasing demand and rent growth are prompting Cousins to consider new development opportunities. With less than 40 MSF of office delivered nationally last year, the REIT sees select cases where development offers better returns than acquisitions, given the scarcity and pricing power of quality space. That dynamic is becoming more pronounced across Sun Belt markets, where limited new supply and steady tenant demand continue tightening availability for top-tier buildings.
