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The top 100 office leases of 2024 totaled 28.9 million sq. ft., up from 26.8 million sq. ft. in 2023. The average size of the top 100 increased by 8% year-over-year to 288,834 sq. ft., suggesting that occupiers are growing more comfortable with committing to larger spaces.

Renewals comprised 68% of the top 100 deals by square footage, up from 58% in 2023. The high share of renewals aligns with CBRE’s 2024 Americas Office Occupier Sentiment Survey, which revealed that 89% of large companies with more than 10,000 employees were exploring or executing lease renewal options.

Renewals helped with cost containment goals in 2024 as large occupiers had strong leverage to renegotiate favorable lease terms in a tenant-favorable market while avoiding relocation costs. Just over half of the renewing tenants among the top 100 kept their existing footprint, while nearly one-third expanded. Of those that relocated, 75% expanded their space.

Among occupiers that relocated or added a new location, there was a strong preference for high-quality space. Eighty-four percent of occupiers went to prime (22%) or Class A (62%) buildings, which make up 63% of total U.S. office inventory.

Technology companies led the top 100 with 29 leases totaling 9.3 million sq. ft., up from third most in 2023 with only 11 leases totaling 3.6 million sq. ft. Tech leasing has ticked up across the U.S. over the past several quarters, largely through expansions by AI-related companies and data providers.

Finance & insurance companies had the second most leases among the top 100 with 15 totaling 4.9 million sq. ft., while professional & business services ranked third with 13 leases totaling 3.5 million sq. ft. In 2023, professional & business services accounted for only five leases totaling 1.1 million sq. ft. Education & health services (-81%) and life sciences (-77%) declined the most in terms of total square footage among the top 100, while government (-57%) had the largest drop in number of leases (nine vs. 19 in 2023).

Many occupiers are seeking quality offices in connected and amenity-rich locations. CBRE’s Shaping Tomorrow’s Cities study found that buildings in “vibrant mixed-use” districts—micro-markets with prime office buildings, a dense residential population and immediate proximity to retail, dining and cultural amenities—were preferred over their business-centric counterparts.

Sixty percent of 2024’s top 100 leases were in prime, mixed-use or vibrant mixed-use districts, which collectively contain only 31% of total U.S. office inventory. Many occupiers are seeking amenity-rich and well-located office buildings to help achieve their office-attendance goals.

Business-centric districts that lack prime office buildings and have fewer amenities captured 40% of the top 100 office leases despite containing 66% of total U.S. office inventory. These districts are particularly attractive to tenants looking for less costly space or large suburban office campuses.

The Northeast and Pacific regions had the highest square footage shares of the top 100 leases in 2024. Manhattan and Washington, D.C. led for the biggest footprints and number of leases in the top 100. Finance & insurance and law firms drove leasing in Manhattan, while government and technology were the leading sectors in Washington, D.C. Four of the top five markets in the top 100—Manhattan, Washington, D.C., Silicon Valley and Boston—accounted for 57% of space leased across 51 deals.