Report | United States Office Development - Spring 2016
88 million square feet of office space are under construction in the U.S. in addition to 140 million square feet that have been delivered since 2010—a strong indication that markets are growing and demand is strong. These numbers may seem high, but compared to previous cycles, this volume is relatively low. Additionally, tenants have been absorbing office space 1.5 time faster than the rate of development, creating supply constraints in select markets. The remainder of markets expect office supply to meet tenant demand, while only a few expect development to produce real supply relief.
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