United States office outlook - Q2 2019

Leasing activity remains robust as rising concessions and new supply slowly tilt leverage toward tenants.

July 19, 2019

The U.S. office market continued its solid expansion in the second quarter, with sustained leasing velocity and broad-based macroeconomic growth leading to 23.3 million square feet of occupancy gains, a healthy 0.8% increase in asking rents and further demand for new product, with more than 62.1 million square feet of supply to deliver over the next four quarters alone. Tenants will find a more flexible environment opening up over the short term, although the potential for oversupply remains subdued as a pullback in construction starts will scale back the development pipeline gradually beginning in 2021.

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