Big Office Tenants Are Running Out of Places to Go

For years the office story was about too much space. The third-quarter numbers suggest the more pressing problem, at least at the top of the market, is too little of the right kind.

Savills’ Q3 2026 market reports show availability falling year over year in 21 of the 24 U.S. markets it tracks. Manhattan’s rate is down 280 basis points, San Francisco’s down 640. At the same time, the pipeline of new buildings has almost vanished. Cushman & Wakefield puts the Americas construction pipeline 82% below its 2020 peak, and Atlanta has no office projects under construction for the first time in 15 years. Tenants with big requirements are discovering that a market with 25% availability can still have very few good buildings with a contiguous 50,000 square feet to offer.

The pipeline has nearly run dry...

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RSK: With almost zero construction in the office market, vacancies diminish and class A Trophy space is hard to find.