DENVER – Commercial Café recently looked at office construction activity in the Top 40 U.S. Markets. According to information tracked by CRE research and data platform Yardi Matrix, new office and mixed-use projects encompassing roughly 101 million square feet are on track for 2018.
According to Yardi, Denver overtook Chicago as the fastest paced office construction market in the Midwest in 2018.
Of the Top 40 U.S. markets for office deliveries, Denver comes in ninth on the list, with 24 buildings totaling 3.4 million square feet scheduled for delivery in 2018. Hines’ trophy office property at 1144 15th St., ranks among the top 10 largest completions of H1 2018. The 40-story Pickard Chilton-designed tower in downtown Denver is home to Chipotle’s corporate offices along with Unicom Capital, Gates Corp., Optiv Security, and Boston Consulting Group.
Key Takeaways:
- With 2.9 million square feet of office already up and running and another 580,000 expected by the end of 2018, Denver ranks 9th nationally and 1st in the Midwest in terms of office construction;
- The largest office delivery to date was the 671,000-square-foot 1144 fifteenth Street completed in April, while the largest project expected to wrap up in H2 is the 184,000-square-foot 50 FIFTY;
- Denver overtook Chicago as the fastest paced office construction market in the Midwest in 2018;
- California’s Bay Area is the nation’s most active market in terms of office construction, 11 million square feet of office are expected here by the end of the year;
- New York City boasts the largest office completion of 2018 – the 80-story, 2.8 million square-foot 3 World Trade Center;
- A total of 101 million square feet of office should be complete by the year’s end across the U.S., with 42 million already active in the first half of 2018.
