December 22, 2025

In this issue:   This week’s MMQB data points all rhyme: office life is getting busier, but the pipeline is still a little weird. San Francisco’s office demand is surging (up 112% year over year) as leasing and transit rebound, while New York’s recovery is steadier and more incremental; meanwhile the Kastle numbers just posted fresh post-pandemic highs, with the 10-city weekly average hitting 56.3% and a new single-day record of 66.0% as even “all buildings” claw closer to the A+ crowd. The AIA/Deltek ABI is still stuck in contraction mode (45.3 in November—13 straight months down), underscoring that “more butts in seats” doesn’t automatically translate into a booming design backlog. On the manufacturing side, MillerKnoll delivered mixed fiscal Q2 results—orders up and retail (hello, DWR) showing real momentum—while Avanto’s acquisition of Agentic Dream is another signal that the industry thinks AI and workflow automation are moving from buzzword to operating system; add in Drewry’s container index ticking up again, a softer used Aeron market in key cities, and a grab bag of conversion/coworking headlines, and you’ve got a sector heading into 2026 with improving demand signals, cautious planning, and a lot of “optimize the messy middle” energy. Happy and safe holidays and a wonderful New Year to everyone—MMQB returns Monday, January 5, 2026.