- Across 14 markets, only 3.6% of buildings offered 50,000 contiguous SF in Class A space in a top-three submarket, and just 0.7% did in trophy buildings, per Savills.
- National availability fell to 22.3% in Q3 from 24% a year earlier, while leasing reached 191.4M SF through September, up 11.3%, with relocations driving more deals.
- Tenants also weigh landlord finances, so owners with strong buildings, strong balance sheets and ready space hold the advantage as premium supply tightens.
Office availability is high, but the spaces big tenants actually want are scarce: Savills found that just 3.6% of buildings across 14 markets offered a 50,000 SF block in Class A space in a top submarket, according to GlobeSt.
In trophy buildings, only 0.7% did.
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A Narrowing Funnel
Savills counted buildings with a 50,000 SF-plus contiguous block available within a year. On average, 12.8% qualified across the markets. Limiting to Class A cut that to 7.6%, and 3.6% remained with the prime-submarket screen.
Availability nationwide was 22.3% in Q3, versus 22.7% in Q2 and 24% a year before. Savills called it a paradox: plenty of space, but few options that fit what occupiers want.
Manhattan and L.A. Stand Out
Manhattan is a good example. About 13.4% of its buildings had such a block, but only 1% did after the Class A and prime-submarket screens.
In L.A. the share went from 11.7% to 0.7% on the same screens. Chicago’s downtown looked broader, at 32.1% before and 8.8% after.
Leasing Adds Pressure
Demand is helping. U.S. leasing totaled 191.4M SF through September, up 11.3%, and Q3 volume hit 64M SF versus 59.1M in Q3 2025.
Tenants are moving more. Among deals of 20,000 SF or more, new leases and relocations were 66.2% of activity versus 57.1% in 2024. Gateway-market trophy space is 16.2% available, down from 19.7%.
Palm Beach posted the biggest Class A direct rent gain at 12.8%, ahead of Broward County (11.3%) and Dallas-Fort Worth (10.9%). Eight markets rose more than 5%.
Why It Matters
A market-wide availability rate no longer measures real competition. JLL’s report, which we covered in office scarcity described the same shift as a flight to scarcity, with trophy rents up more than 20%.
Landlord finances matter too. Savills said tenants are checking that owners can deliver on lease commitments without lender constraints. Excluding distressed assets trims the share of buildings with large blocks from 12.8% to 12.1%.
What’s Next
Savills sees thin construction and conversions keeping supply tight. As our report on Manhattan’s widening recovery noted, tenants are already casting a wider net across buildings they once skipped.
For investors, the opportunity is specific: buildings that can offer a large, high-quality block when upgrading tenants come looking.
