Boston & New England CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Boston Leads US in Office Space Under Construction
The U.S. office market is experiencing changes in construction activity, with around 97 million square feet of office space in development, marking a 28% drop from the previous year, according to CommercialCafe’s office pipeline report.
Boston stands out in both construction volume and the share of new office developments, driven by demand for life science spaces. Manhattan has a more modest pipeline in 2024, while San Francisco, Seattle, and San Diego are witnessing increases in development volumes. Notably, Boston, San Diego, and Austin are expected to increase their office stock by more than 5%.
With approximately 14.6 million square feet under construction, Boston, driven by the demand for life science spaces, is anticipated to deliver more than twice the volume of the second-ranking San Francisco, which has 7 million square feet in development.
- ◦Development
