The U.S. office market is currently undergoing changes in construction activity, with a decrease of 28% from the previous year and around 97 million square feet of office space in development, according to CommercialCafe’s office pipeline report. Boston stands out as a top performer in both construction volume and new office developments due to high demand for life science spaces. Other cities such as Manhattan, San Francisco, Seattle, and San Diego are also experiencing increases in development volumes. Notably, Boston leads the pack with an expected increase of over 5% in their office stock followed by San Diego and Austin.
Boston takes the lead with approximately 14.6 million square feet under construction driven by strong demand for life science spaces compared to second-ranking city San Francisco which has only 7 million square feet under development.
This article was originally published on Connect CRE.
