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Leasing may be cooling, but pre-leased builds are gaining serious momentum.

With rent inflation down to 3.8%, the Fed has one less reason to rush rate cuts.

The overall special servicing rate rose by 27 bps MoM, marking the third consecutive monthly increase and a 225 bps surge YoY.

Owner-occupier deals—once a minor share of the office market—have surged since 2022. By 2024, these deals made up nearly 30% of office acquisitions.

Over 12M SF of facilities changed hands, up 22% YoY, with the average price per SF rising 31% to $117.

A record $350B in dry powder is waiting on the sidelines, with pressure to deploy mounting.