The U.S. office market is recovering faster than expected after its post-pandemic slump, particularly with a shortage of prime space. According to a JLL report, net office absorption was positive for the fifth consecutive quarter in Q3, adding 6 million square feet, while new supply during the same period was only 3.5 million square feet, with another 9.6 million square feet being converted or redeveloped. Since the end of 2023, national office inventory has decreased by 45 million square feet. Currently, only 23 million square feet of new office space is under construction, leading to a year-over-year increase of over 20% in prime office rents and a 10% increase in secondary space rents.