Office Leases 2025 Dominated By Finance And Tech Firms

Financial services and tech companies accounted for nearly half of all large US office leases in 2025, continuing a multi-year trend.
The year’s seven largest leases totaled over 5.1M SF, with New York City leading activity, landing three of the top four deals.
While overall office leasing volume declined 17% in 2025, expansion leasing hit a five-year high, driven by major tenant relocations and renewals.

Key Takeaways

Finance And Tech Keep Leading The Pack

Financial services and technology tenants continued to dominate large office leasing in 2025, reports Bisnow. Together, they accounted for 50% of leasing volume among major occupiers, according to data from Colliers.. Financial services and technology tenants dominated large office leasing in 2025, making up 50% of major occupier activity, per Colliers.

“Even though, as expected, finance and tech lead the charge, there’s quite a big mix of industries that are taking these big chunks of space,” said Marianne Skorupski, Director of National Office Research at Colliers. “That’s good for any market to have that diversity.”

Renewals Reign, But New Leases And Expansions Rise

Despite economic uncertainty, tenants showed a growing willingness to reevaluate and expand their real estate footprints. Most major 2025 office deals were renewals, but several included expansions, signaling a shift back to long-term space commitments.

Expansion leasing hit a five-year high in 2025, totaling 1.2M SF, even as overall leasing dropped 17% year-over-year. Skorupski said this drop may be a blip, with 2026 expected to match or slightly exceed 2025 levels.

The 7 Largest Office Leases Of 2025

1. New York University – 1.1M SF | Manhattan, NY (New Lease)
NYU made a $1.6B deal to master-lease 770 Broadway, including a $945M upfront payment and 70-year commitment.

2. Jane Street Capital – 984K SF | Manhattan, NY (Renewal/Expansion)
Jane Street nearly doubled its space at 250 Vesey St., with Brookfield relocating internally to accommodate the firm.

3. Deloitte – 807K SF | Manhattan, NY (New Lease)
The consulting giant pre-leased most of the 70 Hudson Yards tower in Chelsea before construction began.

4. Fidelity Investments – 651K SF | Boston, MA (Renewal)
Fidelity secured new office space in the redeveloped World Trade Center and will relocate from its HQ in 2026.

5. Bank of America – 554K SF | Dallas-Fort Worth, TX (Renewal)
The bank renewed its full-building lease at Hallmark Center I in Addison, maintaining its North Texas hub.

6. Google – 550K SF | San Francisco, CA (Renewal/Expansion)
Google renewed 416K SF and added 134K SF at Hills Plaza after exiting a separate 320K SF office nearby.

7. Netflix – 548K SF | Los Gatos, CA (Renewal)
Netflix extended its headquarters lease for 10 years, maintaining a major presence in Silicon Valley.

Outlook: Bracing For A Stable 2026

The flight-to-quality trend and ongoing portfolio reevaluations suggest large tenants will remain active in 2026. With new leases up and long-term commitments growing, analysts expect a steady or slightly stronger office leasing market in 2026.

“There is some momentum actually to help keep the level and maybe even see some increases,” Skorupski noted.