Prime office leasing volumes remained stable in H1 2026 across our global dataset of the top 10 deals in 42 markets. Expansionary deals accounted for 58% of all activity. This suggests companies may be starting to move away from a “wait and see” approach to leasing. Just 5% of deals involved a reduction in space, signalling the continued value placed on office space.

Meanwhile, the share of businesses relocating or renewing at a similar footprint fell to 37% in H1 2026, down from 44% in H2 2025. Of these, relocations accounted for the majority of activity (49%), while 37% of transactions were stay-in-place renewals. Over the same period, prime office occupier costs rose by 2.0%, highlighting the sustained demand for premium buildings.

Which industries are expanding?

Expansionary deals accounted for 58% of deals recorded in H1 2026. However, this headline figure masks significant variation across different business sectors.

Flexible office providers

Flexible office providers accounted for the largest share of expansionary deals (78%) over the past six months. More than half (56%) of these deals represented new office space within markets where operators have an existing presence, suggesting providers are deepening their footprint in select priority cities. Chinese operator YBCN, for example, significantly expanded its presence in Shenzhen through deals across three buildings totalling 720,000 sq ft.

The same trend is evident in Europe, where 34% of flex office leasing deals in our dataset involved operators expanding their presence in key existing markets. Amsterdam and London’s West End accounted for the majority of expansionary deals in EMEA.

Asia Pacific recorded the largest share (61%) of expansionary flex office deals. This reflects continued corporate demand for flexibility across the region, as businesses navigate economic uncertainty and geopolitical volatility while maintaining the ability to scale their office requirements.

Technology and media, and the importance of AI

AI companies are emerging as one of the fastest-growing occupier groups in the office market. While 54% of deals within the technology and media sector were expansionary, these leases were almost entirely underpinned by AI companies. Every office deal by an AI business we recorded in H1 2026 was expansionary, reflecting the sector's rapid growth, significant capital investment and accelerating demand for talent.

Across our dataset, AI companies accounted for 17% of all deals in the technology sector in H1 2026, up from 3% in H1 2024, underlining how quickly they are becoming a significant source of office demand. 

AI leasing activity remains heavily concentrated in a handful of established innovation clusters. In North America, San Francisco continues to dominate, as the sector prioritises proximity to deep technical talent pools and venture capital networks.

Anthropic expanded its downtown San Francisco footprint significantly in H1 2026, committing to almost 900,000 sq ft across two buildings on Howard Street, locally described as “AI Alley”. OpenAI has also continued to expand across US technology hubs in this period, including significant commitments in San Francisco and Seattle.

London’s West End is also cementing its position as a leading AI office market. Alongside major businesses such as OpenAI and Anthropic, which leased a combined 250,000 sq ft during the period, a growing number of AI businesses are taking significant office space. Companies including Humanoid and Sierra AI each leased more than 40,000 sq ft, demonstrating that demand is extending beyond the largest, most established firms.

Professional services

Professional services businesses experienced one of the lowest shares of expansionary deals, with just 39% of deals involving an increase in occupied space. Instead, activity was dominated by firms maintaining their existing footprint, with over half of transactions involving a renewal or relocation with no change in size.

The sector continues to face a combination of macroeconomic uncertainty, pressure on corporate spending and the rapid evolution of AI-enabled business models, all of which are encouraging firms to take a more measured approach to office portfolio growth. As a result, many are prioritising high-quality offices while keeping overall space requirements broadly unchanged, as demonstrated by Ernst & Young's renewal of its 280,000 sq ft office in Sydney.

Which sectors are driving the largest office deals?

The legal sector registered the largest average deal size of any industry in H1 2026, at 130,000 sq ft. This was supported by several exceptionally large commitments, including Simpson Thacher & Bartlett's 916,000 sq ft lease in a prime Midtown Manhattan office tower and Herbert Smith Freehills Kramer's 268,000 sq ft pre-let in the City of London, due for completion in 2029.

These transactions underline the sector's commitment to high-quality, strategically located offices. Firms are making significant long-term investments in flagship workplaces that support client engagement, attract talent and reinforce their brand.

The finance sector recorded the third largest average deal size in H1 2026 (118,000 sq ft). Despite ongoing portfolio optimisation, financial institutions continue to make substantial investments in headquarters and major regional hubs. The period included the largest transaction ever recorded by Market Makers, with Bank of America signing a 20-year, 2.4 million sq ft lease at One Bryant Park in Midtown Manhattan, the largest office lease agreement in New York City's history.

Other notable transactions included DZ Bank's 224,000 sq ft expansion into a building adjacent to its Frankfurt headquarters and Visa Europe's 180,000 sq ft lease in Warsaw, where it is consolidating multiple locations into a single office that will also serve as a technology talent hub.

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