2026 Winter Office Index
2026 Winter Office Index
A data-driven view of tenant vs. landlord leverage across North American office markets
The Cresa Office Index provides a comprehensive, occupier-focused analysis of the U.S. and Canadian office real estate landscape, evaluating where tenants have leverage and where landlords are regaining control, as the market continues its uneven recovery.
This semi-annual index ranks the Top 100 office markets based on 11 normalized metrics spanning leasing momentum, market rent, occupancy, and construction activity. Markets are scored and categorized as tenant-favorable, landlord-favorable, or neutral, giving corporate real estate leaders a clear snapshot of negotiating conditions by market size.
What This Report Covers
- Tenant vs. landlord favorability across large, medium, and small office markets
- How flight-to-quality, hybrid work, and industry mix are shaping office space trends
- Where commercial real estate vacancy rates, sublease availability, and muted rent growth are creating leverage for occupiers
- Which markets are tightening due to limited new construction and stronger in-person work policies
- Key contrasts between Sun Belt, Canadian, tech-heavy West Coast, and diversified gateway markets
Why It Matters For Occupiers
Office markets are no longer moving in lockstep. Some cities have stabilized quickly, while others continue to present rare opportunities for tenants to renegotiate terms, upgrade space, or right-size portfolios. The Cresa Office Index helps occupiers:
- Identify where negotiating power exists today
- Benchmark markets for relocations, renewals, or expansions
- Understand how local economic fundamentals affect office strategy