CBRE Appoints Frank McCafferty as Office Occupier Leasing Leader for U.S. and Canada

CBRE announced the appointment of Frank McCafferty as Office Occupier Leasing Leader for the U.S. and Canada, effective immediately. In the role, McCafferty will lead the firm's Office Occupier business across both countries, with responsibility for driving growth, strengthening broker collaboration and helping clients navigate evolving workplace and portfolio strategies.

Frank McCafferty Moves From Client Development Role

McCafferty joined CBRE in 2021 and most recently served as Executive Managing Director of Client Development & Account Solutions. In that position, he delivered integrated solutions for occupier clients focused on location strategy, portfolio optimization and workplace experience. He is based in Dallas.

He has more than 25 years of commercial real estate experience spanning tenant representation, corporate services, strategic consulting and development. Over his career, McCafferty has advised clients in industries including government, healthcare, pharmaceutical, financial services, engineering and communications.

Before joining CBRE, he held leadership positions at Savills, Cushman & Wakefield, Cassidy Turley and UGL Equis. He also served as a Senior Asset Manager for the U.S. General Services Administration, where he oversaw the development of more than $1 billion in mission-critical federal facilities.

CBRE Leadership Comments

"Frank is a highly respected leader with a proven record of delivering exceptional outcomes for clients and building strong, collaborative teams," said John Morris, Group President, Leasing. "He understands occupiers' needs and strategies and excels at bringing CBRE people and resources together to deliver the best results for our clients. As the office sector continues to recover, Frank's leadership, client focus, and commitment to our culture make him the ideal leader for our Office Occupier business."

McCafferty said in the announcement: "CBRE has the industry's premier platform, exceptional professionals and deep client relationships. I am honored to take on this role and look forward to working with our teams to help clients solve increasingly complex real estate challenges, while creating new opportunities for growth and collaboration across our business."

U.S. Office Leasing Market Backdrop

The appointment comes as U.S. office leasing activity has accelerated. Leasing reached 62.4 million square feet in the second quarter of 2026, up 16% year over year. Trailing 12-month activity rose 4% to 243 million square feet, and CBRE expects full-year leasing to exceed 2022 levels, which were the highest on record.

Overall U.S. office vacancy fell 30 basis points in the second quarter to 18.3%, the largest quarterly decline since 2015. Prime-office vacancy dropped 40 basis points to 12.3%. The gap between prime and non-prime space is at a record level.

Demand is concentrated in gateway markets, where downtown leasing activity was up 24% year over year and new leases represented a growing share of activity. Technology companies accounted for 21% of U.S. office leasing activity in the first half of 2026.

In CBRE's 2026 Americas Office Occupier Sentiment Survey, 66% of organizations said they plan to maintain or expand their office footprint over the next three years. Among technology firms, 64% plan to grow their footprints, up from 41% in the prior survey. Lease terms have also lengthened since 2024, with terms for the largest users increasing by 11 months.

New supply remains constrained. Demolition and conversion activity exceeded construction completions in 2025 for the first time on record, and CBRE expects that gap to widen in 2026. The firm lowered its 2026 new-construction forecast to 9.5 million square feet from 11.2 million square feet, while maintaining a projected 37 million square feet of annual net absorption. Year-end vacancy is forecast at 18%.

Canadian Office Market Improving

Canadian office fundamentals are also strengthening, though unevenly by market and building class. Downtown office vacancy declined across all segments for a third consecutive quarter in the second quarter of 2026, with each segment tightening by at least 20 basis points. All but one Canadian market reported lower downtown vacancy during the quarter, which CBRE attributed partly to stronger return-to-office expectations.

CBRE's 2026 Canadian outlook describes the market as having stabilized after two years of positive net absorption and a national vacancy peak. National absorption is forecast to exceed 20 million square feet in 2026, broadly consistent with pre-pandemic norms. Halifax had the lowest reported Canadian vacancy rate at 10.7%.

CBRE Leasing Performance

The leadership change follows a strong period for CBRE's leasing business. In the second quarter of 2026, global leasing revenue increased 24%, and U.S. leasing revenue also rose 24%, led by 29% growth in office leasing and 17% growth in industrial leasing. CBRE said it generated its highest U.S. office-leasing revenue for any second quarter, supported by large transactions in gateway markets.

McCafferty's mandate to drive growth, strengthen broker collaboration and guide occupiers through workplace and portfolio decisions comes as occupiers weigh how much space they need, where employees will work and how to manage lease expirations amid diverging building performance.

Sources

CBRE press release: https://www.cbre.com/press-releases/cbre-appoints-frank-mccafferty-as-office-occupier-leasing-leader-for-us-and-canada