On the left-hand side, we illustrate U.S. office leasing activity on a quarterly basis. Office leasing activity remains below pre-pandemic levels, as hybrid working arrangements have become part of the new norm. Additionally, office leasing activity has remained depressed due to demand for newer building, with innovative attributes. We show this on the right-hand side of the pages, where we illustrate survey results from a BLS study. Firms continue to look for newer office spaces amid an effort to push employees back to in-person working.