We’ve seen upper-income consumers power consumption growth over the past year even as middle-income and working-class households become more restrained. The message from the office market is starting to sound similar.

2026 is the year that owners of office buildings and developers shift from a recovery mindset to one of expansion. But there’s a catch: This only applies to the highest end of the market in the cities and submarkets that are most attractive to employers in thriving fields such as finance and technology. Look for a smattering of new luxury buildings to go vertical in the likes of New York, Dallas and even Atlanta, while older buildings and less desirable areas continue to struggle throughout the US.

© Bloomberg