COVID-19 brought unprecedented change to the office market and its construction projects, and the office pipeline was doubly challenged by the pandemic. As a result, many companies are reevaluating their office space leases, which will inevitably manifest in office building construction. In light of this, Commercial Café has released its 2021 Office Pipeline study that examines the amount of office space in the pipeline for 2021 and beyond, as well as the largest office building completions in 2020. The study finds that Denver is among the most active office markets in the U.S.
Here are some key takeaways:
- Denver is among the most active office markets this year, with more than 2.1 million square feet scheduled to be delivered in 2021.
- Overall, Los Angeles takes first place for office deliveries with 6.85 million square feet of office space scheduled to be delivered this year.
- Regarding all office building construction in the nation, Manhattan boasts the largest total pipeline —18.9 million square feet are currently in the works.
Read the full study HERE