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The Market Update
Economy

Economy

A Resurgence in Construction Jobs

One of the bright spots of May’s surprisingly strong jobs report was the 464,000 gain in construction employment. This surge in construction jobs should continue as building sites reopen and housing permits increase (up 14% in May).

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Week in Review

Top 10 U.S. Markets For Office Construction

1. Manhattan

12.5 Million Sq. Ft.
Sixteen projects totaling 12.5 million sq. ft. are currently under construction in Manhattan and due for delivery over the next three years. Approximately 6.8 million sq. ft. or 53% of this new space has been preleased.

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2. San Jose

10.2 Million Sq. Ft.
Silicon Valley currently has about 10.2 million sq. ft. of office space under construction, 68% of which is already committed to occupancy.

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3. Washington, D.C.

8.4 Million Sq. Ft.
Greater Washington, D.C. currently has 8.4 million sq. ft. of office space under construction.

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4. Los Angeles

8.3 Million Sq. Ft.
Los Angeles is undergoing the largest expansion of its office inventory since the 1980s. The 8.3 million sq. ft. of space under construction comprises 2.2% of the greater metropolitan area’s total inventory.

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5. Boston

7.3 Million Sq. Ft.
Greater Boston has a 20-year-high 7.3 million sq. ft. of office space currently under construction. The bulk of that total (6.4 million sq. ft.) is in the urban centers of Boston and Cambridge.

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6. Chicago

7.2 Million Sq. Ft.
Chicago’s 7.2 million sq. ft. of office space currently under construction is largely concentrated downtown, where 18 projects totaling 6.7 million sq. ft. (96% Class A space) are underway and represent 4.9% of the current CBD inventory.

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7. Austin

6.9 Million Sq. Ft.
Austin is undergoing the largest expansion of its office inventory ever. As of Q1, 6.9 million sq. ft. of space was under construction in the greater metropolitan area.

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8. Seattle

6.8 Million Sq. Ft.
Annual under-construction totals for the Puget Sound region have averaged 7 million sq. ft. for the past five years, with the highest concentration in Downtown Seattle.

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9. Dallas/Ft. Worth

5.9 Million Sq. Ft.
Despite being one of the nation’s fastest-growing office markets, Dallas/Ft. Worth’s total office space currently under construction is relatively low at 5.9 million sq. ft. compared with its peak of 7.5 million sq. ft. in 2014.

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10. San Francisco

4.3 Million Sq. Ft.
Driven by strong demand from the tech industry, San Francisco added 9.2 million sq. ft. of office space over the past decade, more than in the previous two cycles and nearly all of it preleased.

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Asia Pacific

65.7 Million Sq. Ft.
Nearly 66 million sq. ft. of new Class A office space is scheduled for delivery this year, a relatively mild decline of 8 million.

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