California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Ranking California: Top U.S. Markets for Development
A total of 101 million square feet of office space is expected to be completed by the year’s end across the U.S., according to research by Yardi Matrix. Its 2018 Mid-Year Office Construction report, which tracks the top 40 markets, reveals nearly 42 million square feet of the total was delivered during the first six months of the year, leaving nearly 60% of 2018 scheduled office completions for delivery during H2.
Key report findings:
- The Bay Area is the nation’s most active market in terms of office construction, with 11 million square feet of office space expected in the market by the end of the year
- Los Angeles ranks 11th nationally and 3rd among Western markets in terms of office construction.
- The L.A. market has only 452,000 square feet of office up and running so far, and another 2.5 million expected by the end of 2018
- The largest L.A. project delivery in 2018 was the 116,000-square-foot Norris Healthcare Center at the USC Sciences Campus, while the largest project expected to wrap up in H2 will be the 525,000-square-foot Spruce Goose Hangar in the Hercules Campus at Playa Vista
- New York City boasts the largest office completion of 2018 – the 80-story, 2.8-million-square-foot 3 World Trade Center
For comments, questions or concerns, please contact Dennis Kaiser
Read More News Stories About: Yardi Matrix
- ◦Development
