• 78% of flex office deals involved taking more space

• AI companies one of the fastest growing prime office occupiers

Savills says that global prime office leasing volumes remained stable in H1 2026, with expansionary deals accounting for 58% of all activity, indicating that more companies targeting the top-most tier of office space are moving into growth mode. Only 5% of top office deals involved occupiers reducing space, while the share relocating or renewing at a similar footprint fell to 37% in H1 2026, down from 44% in H2 2025.

In its H1 ‘Market Makers’ report, Savills examined the top 10 deals by size in 47 cities around the world *. Flexible office providers were the occupier group most likely to expand their space in the first half of 2026, with 78% of the deals representing expansions. More than half (56%) of these deals were for new office space within markets where they already have a presence, suggesting flex providers are deepening their footprint in selected cities.

The international real estate advisor says that AI companies are emerging as one of the fastest-growing occupier groups in the prime global office market. AI companies accounted for 17% of all prime technology sector deals in H1 2026, up from 3% just two years ago in H1 2024. Savills says that every single deal by an AI business in H1 2026 was expansionary, reflecting the sector's rapid growth, significant capital investment and the accelerating demand for talent. AI leasing activity remains heavily concentrated in a handful of established innovation clusters, dominated by San Francisco, according to Savills, but Seattle and London’s West End have also seen notable activity in the first half of the year.

Savills says that net ‘all-in’ prime office occupier costs (rent plus fit-out costs) rose by 1% in Q2 2026, bringing the year-on-year change to 5.3%, although there was regional variation, with rises of 0.5% in EMEA and Asia Pacific, and 2.1% in North America. In its Q2 Prime Office Costs report it says that cities with significant quarterly cost increases, include San Francisco (7.7%), Downtown New York (5.6%), Washington DC (4.0%), Seoul (3.8%), and Melbourne (3.6%).

Rick Schuham, CEO of Global Occupier Services at Savills, comments: “Organisations continue to prioritise premium offices, concentrating demand on the best buildings in the most desirable locations, and continuing to place upward pressure on costs. However, there are some notable markets witnessing a slowing pace of occupier cost growth for best-in-class offices, including primary markets in mainland China which are experiencing slower demand and increased availability as new developments and refurbishments complete. This new inventory is creating pockets of opportunity for businesses to access high-quality space at a more moderate cost. Understanding local supply dynamics alongside headline rental trends remains critical when making real estate decisions in today’s market.”

Sarah Brooks, Associate Director in Savills World Research, adds: “The growing influence of AI and technology occupiers has been unmistakable in H1. In cities such as San Francisco, London and Shenzhen, demand from AI firms is rapidly absorbing high-quality space and intensifying competition for the most desirable offices as firms make significant long-term investments in flagship workplaces that support client engagement, attract talent and reinforce their brands. Assuming this trend continues, we may see the emerging sector becoming increasingly influential in other geographies as well.”