Leasing volume hits a two-year high amid increased law firm activity
After a subdued first quarter, leasing volume rebounded to approximately 2.0 million square feet (msf) in Q2 2026, its highest total in two years. Most of the top leases were renewals, as large occupiers opted for certainty amid limited large-block availability in top quality buildings and rising buildout costs. To match last year’s overall total leasing volume, demand still needs to improve its pace in the second half of the year, and the region’s underperforming job growth and the lack of General Services Administration (GSA) leasing activity continue to present headwinds. The Class A segment has outperformed the overall market, posting stronger availability rate compression and rent growth over the last 12 months.