CBRE's Q2 2026 U.S. Office report shows the overall office vacancy rate fell 30 basis points to 18.3%, the largest quarterly decline since 2015, while prime vacancy dropped to 12.3%. Average asking rent rose 2.6% year-over-year to $37.58 per sq. ft., the fastest pace in six years. New supply is scarce: the under-construction pipeline is down 87% from its Q2 2020 peak, and only 2.2 million sq. ft. was completed in Q2.
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US office vacancy falls to 18.3% in Q2 2026, rents climb 2.6% YoY
Why this matters for founders
If you're weighing an office lease, the window of deeply discounted, tenant-favorable space is starting to close, especially for higher-quality (prime) buildings where vacancy and rents are tightening fastest. Lock in a longer term or negotiate concessions now rather than assuming rents keep falling; with little new construction coming, availability of good space will only get tighter. This also matters when you plan to hire and need room to grow.
Source: CBRE
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