Consulting firm continues strategy to rebalance and streamline its U.S. office network
Deloitte is continuing a series of office real estate moves nationwide with a new deal that expands its presence in Florida, reflecting the firm’s broader strategy of trimming space in certain markets while investing in others.
The consulting firm has signed a full-floor lease at the Las Olas Centre complex, marking its first office location in Fort Lauderdale. The move complements Deloitte’s existing South Florida operations in Miami and Boca Raton. The newly leased space totals just over 18,650 square feet and represents another step in the firm’s yearlong effort to realign its real estate portfolio with workforce needs.
In a statement, a Deloitte spokesperson said the downtown Fort Lauderdale office will enhance the company’s South Florida footprint by providing an additional location designed to support employees, clients and the surrounding community.
Located at 350 E. Las Olas Blvd., the new office further highlights Deloitte’s evolving real estate strategy. The lease follows the firm’s recent decision to shut down its more than 84,000-square-foot office in Los Angeles’ Gas Company Tower. Deloitte is expected to vacate the building by fall 2026, several years ahead of the lease’s original expiration in 2031.
The Los Angeles exit comes alongside other real estate adjustments across Southern California. Deloitte recently completed renovations at its Glendale office, where it occupies roughly 18,500 square feet, and earlier this year relocated its Manhattan Beach office to nearby El Segundo.
Meanwhile, on the East Coast, Deloitte has doubled down on large-scale office commitments, signaling continued confidence in physical workspace in select markets.
Last month, the firm finalized one of the Washington, D.C. region’s biggest office deals of 2025, renewing nearly 600,000 square feet in Rosslyn, Virginia. The renewal fills all available office space at the Waterview Tower and extends Deloitte’s presence in the area, where it has operated for more than 15 years.
In New York City, Deloitte also executed one of Manhattan’s largest office leases last year, agreeing to occupy close to 800,000 square feet — nearly three-quarters — of Related Cos.’ 1.1 million-square-foot tower at 70 Hudson Yards. The agreement was completed before construction on the building began last summer.
Shifting spaces
Although office leasing conditions are gradually improving, companies nationwide continue to reassess how much physical workspace they require as hybrid and flexible work models become more permanent.
To accommodate distributed teams, support hiring initiatives or comply with stricter in-office attendance policies, many major tenants are selectively expanding in some cities while downsizing in others.
According to CoStar data, tenants returned more than 65 million square feet of office space in 2024 alone, pushing total move-outs beyond 200 million square feet since early 2020. At the same time, newly signed leases are significantly smaller, averaging about 20% less space than before the pandemic.
This more cautious approach to office growth has left the U.S. market with a surplus of available space, driving the national vacancy rate to a record high of over 14%, CoStar data shows.
However, research indicates vacancy levels have largely peaked as tenants gain clearer insight into their long-term space requirements and preferred locations.
While overall U.S. office leasing activity has not yet returned to pre-pandemic levels, the 12 million square feet of deals signed in the third quarter marked the strongest performance since 2019. The recent rebound has also narrowed the gap between occupied and leased space, easing a key challenge for landlords still working to refill large office blocks vacated during the pandemic.
Source: Original reporting by Katie Burke, CoStar News.
