Q3 2026 U.S. Commercial Real Estate Tenant Demand Report
What businesses searched for across 75 U.S. commercial real estate markets in Q3 2026, from TenantBase tenant search data plus CBRE and Cushman & Wakefield market data.
In Q3 2026, 55.1% of business tenant searches on TenantBase across 75 U.S. markets were for office space, 42.0% were for retail and storefront space, and 2.9% were for warehouse and industrial space. Office was the most searched space type in 30 of the 48 markets with enough activity to compare, and nearly half of all office searches (48.2%) sought lease terms under one year. Retail tenants committed longer, with 46.7% seeking terms of 3 years or more.
This report combines TenantBase's proprietary tenant search data from July 1 to September 30, 2026, with published market data from CBRE and Cushman & Wakefield.
Key findings
- Office led national demand. Office space accounted for 55.1% of Q3 tenant searches nationwide, and 52.1% excluding New York City.
- Office led in most markets. Among the 48 markets with 30 or more Q3 searches, office was the top space type in 30, retail in 15, and three were tied.
- Flexibility dominates office. 48.2% of office searches sought terms under one year, the most requested office term in 40 of 43 markets with enough lease-term data.
- Retail tenants commit longer. 46.7% of retail searches sought terms of 3 years or more, compared with 28.8% of office searches.
- Space needs scale with commitment. Office tenants seeking terms under one year averaged 1,212 to 2,494 SF, while those seeking 5+ year terms averaged 3,511 to 6,561 SF.
- Market fundamentals vary widely. Among 22 markets with CBRE Q3 2026 office data, vacancy ranged from 9.6% in Greenville to 27.9% in the Puget Sound region.
What are businesses searching for?
The TenantBase Tenant Demand Index tracks what businesses are actively searching for on the TenantBase platform each quarter. Because it measures tenant intent before leases are signed, it shows where demand is heading ahead of traditional vacancy and absorption data. National figures are weighted by each market's search volume.
Search share by space type, July 1 to September 30, 2026
Regions are weighted by each market's search volume. Northeast excluding New York City: 47.5% office, 46.2% retail.
What it means. Outside the Northeast, demand is close to evenly split between office and retail in every region, with office ahead by 2 to 17 percentage points. New York City, where 83.5% of searches were for office, makes the Northeast the most office-heavy region.
How does your market compare?
Q3 2026 search share for all 75 markets. Select a market to open its full Q3 report, which includes tenant demand data, lease terms, space requirements and office, industrial, retail and multifamily market conditions. Use the broker link to get matched with a local tenant rep in that market, free for businesses.
Northeast (10 markets)
| Market | Office | Retail | Warehouse | Tenant rep brokers |
|---|---|---|---|---|
| Albany † | 50.0% | 50.0% | 0.0% | Find a broker |
| Baltimore | 48.1% | 48.1% | 3.7% | Find a broker |
| Boston | 60.7% | 35.7% | 3.6% | Find a broker |
| Long Island | 39.1% | 52.2% | 8.7% | Find a broker |
| New York City | 83.5% | 15.8% | 0.6% | Find a broker |
| North & Central New Jersey † | 0.0% | 50.0% | 50.0% | Find a broker |
| Philadelphia | 45.6% | 45.6% | 8.8% | Find a broker |
| Pittsburgh † | 50.0% | 40.0% | 10.0% | Find a broker |
| Rochester † | 57.1% | 42.9% | 0.0% | Find a broker |
| Washington, DC | 44.6% | 50.0% | 5.4% | Find a broker |
Southeast (23 markets)
| Market | Office | Retail | Warehouse | Tenant rep brokers |
|---|---|---|---|---|
| Asheville † | 42.9% | 57.1% | 0.0% | Find a broker |
| Atlanta | 49.3% | 48.5% | 2.2% | Find a broker |
| Augusta † | 20.0% | 80.0% | 0.0% | Find a broker |
| Birmingham | 67.3% | 28.6% | 4.1% | Find a broker |
| Charleston | 50.0% | 50.0% | 0.0% | Find a broker |
| Charlotte | 38.5% | 59.8% | 1.7% | Find a broker |
| Chattanooga † | 100.0% | 0.0% | 0.0% | Find a broker |
| Greenville | 33.3% | 66.7% | 0.0% | Find a broker |
| Huntsville | 54.5% | 40.9% | 4.5% | Find a broker |
| Jacksonville | 47.2% | 52.8% | 0.0% | Find a broker |
| Knoxville | 45.5% | 54.5% | 0.0% | Find a broker |
| Lexington | 68.2% | 31.8% | 0.0% | Find a broker |
| Louisville | 56.1% | 41.5% | 2.4% | Find a broker |
| Memphis | 50.0% | 50.0% | 0.0% | Find a broker |
| Miami-Fort Lauderdale | 53.3% | 40.9% | 5.8% | Find a broker |
| Nashville | 43.3% | 54.8% | 1.9% | Find a broker |
| Orlando | 54.4% | 44.0% | 1.6% | Find a broker |
| Raleigh-Durham | 47.1% | 48.2% | 4.7% | Find a broker |
| Richmond | 54.8% | 42.9% | 2.4% | Find a broker |
| Savannah | 50.0% | 44.4% | 5.6% | Find a broker |
| Tampa | 45.6% | 51.2% | 3.2% | Find a broker |
| Treasure Coast † | 22.2% | 66.7% | 11.1% | Find a broker |
| Virginia Beach | 64.9% | 32.4% | 2.7% | Find a broker |
Midwest (11 markets)
| Market | Office | Retail | Warehouse | Tenant rep brokers |
|---|---|---|---|---|
| Chicago | 43.7% | 51.3% | 5.0% | Find a broker |
| Cincinnati | 55.6% | 44.4% | 0.0% | Find a broker |
| Cleveland | 71.8% | 28.2% | 0.0% | Find a broker |
| Columbus | 61.8% | 33.8% | 4.4% | Find a broker |
| Detroit | 63.0% | 35.8% | 1.2% | Find a broker |
| Indianapolis | 48.8% | 51.2% | 0.0% | Find a broker |
| Kansas City | 50.8% | 49.2% | 0.0% | Find a broker |
| Milwaukee | 47.4% | 42.1% | 10.5% | Find a broker |
| Minneapolis | 51.8% | 45.9% | 2.4% | Find a broker |
| Omaha | 35.7% | 64.3% | 0.0% | Find a broker |
| St. Louis | 57.1% | 40.5% | 2.4% | Find a broker |
South Central (11 markets)
| Market | Office | Retail | Warehouse | Tenant rep brokers |
|---|---|---|---|---|
| Austin | 46.8% | 51.4% | 1.8% | Find a broker |
| Baton Rouge † | 58.3% | 33.3% | 8.3% | Find a broker |
| Dallas | 50.0% | 47.6% | 2.4% | Find a broker |
| Fort Worth | 45.9% | 44.3% | 9.8% | Find a broker |
| Houston | 56.9% | 42.7% | 0.4% | Find a broker |
| Lafayette † | 50.0% | 50.0% | 0.0% | Find a broker |
| New Orleans | 40.0% | 60.0% | 0.0% | Find a broker |
| Northwest Arkansas | 53.3% | 46.7% | 0.0% | Find a broker |
| Oklahoma City | 62.2% | 32.4% | 5.4% | Find a broker |
| San Antonio | 42.4% | 54.5% | 3.0% | Find a broker |
| Tulsa | 71.4% | 25.0% | 3.6% | Find a broker |
Mountain West (8 markets)
| Market | Office | Retail | Warehouse | Tenant rep brokers |
|---|---|---|---|---|
| Albuquerque † | 50.0% | 50.0% | 0.0% | Find a broker |
| Boise | 65.5% | 20.7% | 13.8% | Find a broker |
| Denver | 45.9% | 49.4% | 4.7% | Find a broker |
| Las Vegas | 51.2% | 48.1% | 0.8% | Find a broker |
| Phoenix | 39.0% | 55.8% | 5.2% | Find a broker |
| Reno | 60.0% | 35.0% | 5.0% | Find a broker |
| Salt Lake City | 67.8% | 30.5% | 1.7% | Find a broker |
| Tucson | 61.5% | 36.5% | 1.9% | Find a broker |
Pacific (12 markets)
| Market | Office | Retail | Warehouse | Tenant rep brokers |
|---|---|---|---|---|
| Fresno | 53.2% | 46.8% | 0.0% | Find a broker |
| Inland Empire | 68.7% | 27.7% | 3.6% | Find a broker |
| Los Angeles | 58.6% | 37.9% | 3.5% | Find a broker |
| Oakland / East Bay | 42.9% | 54.8% | 2.4% | Find a broker |
| Orange County | 59.4% | 35.6% | 5.0% | Find a broker |
| Portland | 46.9% | 51.0% | 2.0% | Find a broker |
| Sacramento | 66.7% | 31.1% | 2.2% | Find a broker |
| San Diego | 50.0% | 46.2% | 3.8% | Find a broker |
| San Francisco | 63.6% | 30.9% | 5.5% | Find a broker |
| Seattle | 44.8% | 49.5% | 5.7% | Find a broker |
| Silicon Valley | 70.3% | 21.6% | 8.1% | Find a broker |
| Spokane † | 46.2% | 53.8% | 0.0% | Find a broker |
† Fewer than 15 Q3 searches. Shares in these markets can shift significantly with a small number of searches.
Which markets have the most office and retail demand?
Share of each market's Q3 2026 TenantBase searches, among markets with 30 or more Q3 searches.
Highest office share
| # | Market | Share |
|---|---|---|
| 1 | New York City | 83.5% |
| 2 | Cleveland | 71.8% |
| 3 | Silicon Valley | 70.3% |
| 4 | Inland Empire | 68.7% |
| 5 | Salt Lake City | 67.8% |
| 6 | Birmingham | 67.3% |
| 7 | Sacramento | 66.7% |
| 8 | Virginia Beach | 64.9% |
| 9 | San Francisco | 63.6% |
| 10 | Detroit | 63.0% |
Highest retail share
| # | Market | Share |
|---|---|---|
| 1 | Charlotte | 59.8% |
| 2 | Phoenix | 55.8% |
| 3 | Nashville | 54.8% |
| 4 | Oakland / East Bay | 54.8% |
| 5 | San Antonio | 54.5% |
| 6 | Jacksonville | 52.8% |
| 7 | Austin | 51.4% |
| 8 | Chicago | 51.3% |
| 9 | Indianapolis | 51.2% |
| 10 | Tampa | 51.2% |
What it means. Office demand is strongest in large employment centers and tech hubs such as New York City, Silicon Valley and San Francisco, and in Midwest and Mountain West metros such as Cleveland, Detroit and Salt Lake City. Retail leads in fast-growing Sun Belt markets including Charlotte, Phoenix, Nashville, San Antonio and Austin.
What lease terms are tenants asking for?
Share of Q3 2026 TenantBase searches that specified a lease term, all 75 markets.
| Lease term | Office | Retail/Storefront |
|---|---|---|
| Less than 1 year | 48.2% | 29.6% |
| 1 to 2 years | 0.7% | 1.6% |
| 2 to 3 years | 22.2% | 22.1% |
| 3 to 5 years | 20.4% | 27.6% |
| 5+ years | 8.4% | 19.1% |
What it means. Office tenants are prioritizing flexibility, with terms under one year the top request in 40 of 43 markets with enough lease-term data. Retail tenants, who invest more in build-outs and location, are more than twice as likely as office tenants to seek 5+ year terms (19.1% versus 8.4%).
How much space do tenants need?
Average minimum and maximum square footage requested on TenantBase in Q3 2026, by lease term, weighted across all 75 markets.
| Lease term | Office | Retail/Storefront |
|---|---|---|
| Less than 1 year | 1,212 to 2,494 SF | 1,319 to 2,733 SF |
| 2 to 3 years | 1,481 to 3,148 SF | 1,512 to 3,205 SF |
| 3 to 5 years | 1,979 to 4,024 SF | 2,822 to 5,549 SF |
| 5+ years | 3,511 to 6,561 SF | 3,348 to 6,121 SF |
What it means. Most tenants on TenantBase are small and mid-size businesses. The longer the commitment, the larger the space: office tenants seeking 5+ year terms want nearly three times the minimum space of those seeking terms under one year.
Office and industrial vacancy by market
National benchmarks (Q2 2026, Cushman & Wakefield)
U.S. office vacancy was 20.1%, down 10 basis points year over year, with vacancy declining in 49 of 92 U.S. markets. U.S. industrial vacancy was 6.9%, with 62.1 million SF of net absorption in Q2.
Office vacancy, Q3 2026 (CBRE)
| Market | Vacancy |
|---|---|
| Greenville | 9.6% |
| Omaha | 10.9% |
| Las Vegas | 11.6% |
| Long Island | 11.9% |
| Richmond | 12.3% |
| Pittsburgh | 17.4% |
| Kansas City | 17.5% |
| Nashville | 17.7% |
| San Antonio | 17.8% |
| Milwaukee | 18.4% |
| Raleigh-Durham | 19.3% |
| Columbus | 20.0% |
| Cincinnati | 20.2% |
| Cleveland | 20.3% |
| Salt Lake City | 21.8% |
| Charlotte | 22.0% |
| Philadelphia | 22.3% |
| Austin | 23.6% |
| Houston | 23.9% |
| Dallas-Fort Worth | 24.6% |
| Portland | 26.5% |
| Puget Sound (Seattle) | 27.9% |
Median across 22 markets: 19.7%
Industrial vacancy, Q3 2026 (CBRE)
| Market | Vacancy |
|---|---|
| Omaha | 2.7% |
| Albuquerque | 3.7% |
| Cleveland | 4.1% |
| Kansas City | 4.1% |
| Columbus | 4.7% |
| Milwaukee | 4.7% |
| Greenville | 5.0% |
| Pittsburgh | 5.2% |
| Richmond | 5.2% |
| Memphis | 5.4% |
| Nashville | 5.4% |
| Houston | 6.3% |
| Long Island | 7.0% |
| Charlotte | 7.1% |
| Salt Lake City | 7.3% |
| Portland | 7.7% |
| Dallas-Fort Worth | 7.8% |
| Las Vegas | 8.7% |
| Raleigh-Durham | 9.3% |
| San Antonio | 10.3% |
| Philadelphia | 11.1% |
| Charleston | 11.6% |
| Puget Sound (Seattle) | 12.0% |
| Austin | 19.3% |
Median across 24 markets: 6.7%
Puget Sound covers the Seattle region. Dallas-Fort Worth is reported as one market by CBRE.
What this means for tenants
Office tenants have leverage in high-vacancy markets. In markets with office vacancy above 20%, such as Houston, Austin, Portland and Seattle, small tenants can negotiate flexible terms, concessions and move-in-ready space. A local tenant rep broker can help you use that leverage.
Short-term office demand is broad. With nearly half of office searches seeking terms under one year, landlords offering furnished suites and flexible terms are positioned to capture demand.
Retail tenants should plan early. Retail tenants seeking multi-year terms for mid-size storefronts compete for limited small-shop space in many growth markets.
Industrial tenants face a split market. Vacancy is under 5% in markets such as Omaha, Cleveland and Kansas City, while Austin and Seattle offer more options and negotiating room.
Q4 2026 outlook
Office: Expect demand for small, flexible office space to continue, with limited new construction supporting gradual vacancy improvement.
Retail: Expect steady demand for small and mid-size storefronts, with longer commitments in growing suburban markets.
Industrial: Expect conditions to stay tight in low-vacancy Midwest markets while high-supply Sun Belt markets absorb new space.
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Frequently asked questions
What type of commercial space are U.S. businesses searching for in 2026?
What lease terms are office tenants asking for in 2026?
How much space are small businesses looking for?
Which markets have the most office demand?
What is the U.S. office vacancy rate?
How can I find commercial space at no cost?
Methodology
The TenantBase Tenant Demand Index measures business tenant searches submitted on the TenantBase platform between July 1 and September 30, 2026, across 75 U.S. markets. National and regional shares are weighted by each market's search volume. Lease-term shares include searches that specified a term. Space requirements are search-weighted averages of each market's average minimum and maximum requested square footage, excluding incomplete or inverted entries. Market rankings include only markets with 30 or more Q3 searches. Outside market data comes from CBRE and Cushman & Wakefield, and each figure is labeled with its source and period.
Sources
- TenantBase proprietary search data, 75 U.S. markets, July 1 to September 30, 2026
- Cushman & Wakefield, U.S. Office MarketBeat, Q2 2026
- Cushman & Wakefield, U.S. Industrial MarketBeat, Q2 2026
- CBRE, Office and Industrial Figures, Q3 2026, for the 22 office and 24 industrial markets listed above (linked in each TenantBase market report)
Read the full report: Q3 2026 Tenant Demand Report
Citing this report: TenantBase, Q3 2026 Tenant Demand Report, October 2026. tenantbase.com/blog/q3-2026-tenant-demand-report
Information in this report is aggregated from third-party sources and TenantBase proprietary platform data, and was synthesized with the assistance of AI. Market metrics reflect the most recent published data available at the time of writing. TenantBase search data reflects tenant activity on the TenantBase platform and is not a measure of total market leasing. All figures should be independently verified before making real estate decisions.