Cresa Maps out the Most Landlord and Tenant-Friendly Markets
North American office markets are stabilizing, with occupiers holding leverage in cities with strong demographics and diverse industries, according to the Winter 2026 North American Office Index by Cresa released exclusively to GlobeSt.com. The index evaluates 11 metrics, including leasing momentum, market rents, occupancy and construction, to create a ranking of markets that are either landlord- or tenant favorable.
Large office markets have diverged sharply following the pandemic. Cities with diversified industries, including finance, legal and insurance, have rebounded, while tech-heavy West Coast markets like Los Angeles, Seattle and San Francisco remain tenant-friendly due to job losses and remote work, the Cresa report said. Montreal is the most landlord-favorable, while New York, Charlotte and Dallas also show strong landlord performance.
High-quality office spaces are in demand, particularly in New York and Charlotte, where tenants seek upgraded environments. Return-to-office policies have boosted certain markets, while Los Angeles, Seattle, San Francisco, Boston and Denver offer tenants leverage in lease negotiations. Leasing activity has been strong in growing southern cities, though rent growth is modest overall, averaging 0.24% quarterly. Vacancy and sublease metrics highlight tenant opportunities in Houston and San Francisco, while Detroit and Montreal maintain low sublease availability. Construction is limited, except in Austin and Boston, where supply is waiting for demand.