Commercial Leasing in the US: Market Size, Businesses & Forecast 2026

The commercial leasing industry in the US involves acting as lessors or intermediaries for nonresidential buildings, including office spaces, warehouses, and retail centers. The sector is recovering from post-pandemic shifts in hybrid work models, showing strong resilience driven by industrial facilities and data centers. According to Cushman & Wakefield's quarterly reporting, the national office sublease inventory fell 13.6% year-over-year to 101 million square feet in 2026, signaling a stabilization of underlying occupier demand.

Industry snapshot

Key public data points

Historical & forecast

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What does the Commercial Leasing in the US industry cover?

The industry encompasses entities primarily engaged in the ownership, lessor services, and subleasing of nonresidential structures. These properties include commercial office spaces, manufacturing plants, logistics hubs, data centers, medical buildings, and retail shopping centers. Operations involve long-term lease contracting and providing full-service managed workspaces to business and government tenants.

• •Covers owner-lessors of nonresidential buildings and firms engaged in subleasing rented real estate.
• •Excludes the management of miniwarehouses, self-storage units, and residential properties.
• •Includes the provision of full-service executive suites on a contract basis.

Who operates in the industry and how is it structured?

The market comprises a mix of institutional real estate investment trusts (REITs), private property owners, and global real estate service firms. Real estate service providers act as intermediaries to execute transactions, advise institutional owners, and handle asset optimization. The structural landscape ranges from major multinational operators managing billions in assets to localized corporate landlords.

• •Operators service both private corporate enterprises and extensive government portfolios.
• •Federal agencies utilize the sector, tracking billions in ongoing lease obligations for mission-critical structures.
• •The market features a balanced blend of equity REITs and dedicated corporate real estate managers.

What drives demand in the industry?

Demand is heavily determined by broader economic conditions, corporate expansion rates, and physical space requirements. E-commerce expansion fuels significant need for industrial and logistics warehousing near major urban centers. Concurrently, technological evolution has generated unprecedented leasing requirements for advanced data center facilities to host cloud computing and artificial intelligence infrastructure.

• •Corporate workforce shifts directly dictate net absorption rates across office assets.
• •Industrial and logistics property demand remains linked to national online retail sales volumes.
• •Technology sectors drive specialized demand for high-power data center infrastructure leases.

Who are the notable companies in the industry?

Competition in the US commercial leasing and brokerage services market is led by highly integrated global firms that capture significant multinational corporate accounts. These enterprises leverage extensive service platforms to provide leasing, advisory, property management, and investment options. Market participants continuously expand capabilities through targeted engineering and facility services acquisitions.

• •CBRE Group, Inc. reported consolidated revenue of $40.55 billion for the fiscal year 2025.
• •Colliers International Group Inc. delivered revenues of $5.56 billion in 2025, expanding its recurring professional services platform.
• •Cushman & Wakefield actively monitors 91 major US metropolitan office markets to capture demand trends.
• •Jones Lang LaSalle Incorporated (JLL) operates as an additional primary global competitor within the US market framework.

What are the recent trends and outlook?

The leasing landscape reached a notable turning point in early 2026 as available sublease inventory steadily decreased. Overbuilt or obsolete commercial inventories are increasingly undergoing renovations, conversions, or complete demolitions to stabilize overall market supply. High-quality Class A commercial spaces continue to vastly outperform older Class B and Class C inventories as tenants flock to modern employee amenities.

• •The national office construction pipeline decreased by 4.2% quarter-over-quarter down to 18.6 million square feet in early 2026.
• •Overall US office vacancy stood flat year-over-year, ending the first quarter of 2026 at 20.2%.
• •Class A rolling net absorption accounted for nearly positive 18.7 million square feet over a consecutive four-quarter period ending in 2026.

How is the industry regulated?

Operators must comply with zoning laws, municipal land-use specifications, and structural safety standards enforced at municipal, state, and federal levels. Leasing arrangements involving public or federal entities face strict procurement rules regarding tenant improvements and building standard allowances. Sustainability regulations and environmental green certifications increasingly influence required facility infrastructure investments.

• •Government property procurements require strict adherence to standardized tenant improvement allowances per square foot.
• •Corporate real estate firms monitor compliance with evolving greenhouse gas emissions and energy disclosure regulations.
• •Local municipal planning departments dictate building conversion potentials from office use to residential or research facilities.

Government, statistical and trade sources used for this Claight analysis.

• Cushman & Wakefield U.S. Office MarketBeat Q1 2026 ·
• CBRE Group, Inc. Annual Report 2025 ·
• Colliers International Group Inc. Financial Release 2025 ·
• US Census Bureau North American Industry Classification System 2022