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Is it Time to Start Building Office Yet?

CHICAGO-Construction of office is still down as confidence lags, but according to a JLL report provided first to GlobeSt.com, demand pressure should start pushing new development.

By Robert Carr | Updated on June 20, 2012

CHICAGO-New construction is late. This is now the third year of the US economic recovery, and new non-residential development is traditionally supposed to trail a recovery by 18-24 months. The construction industry is still dragging feet, with only about a third of the expected jobs by this time in a recovery cycle.

There is some movement – multifamily, taking advantage of the switch from home owning to renting, is seeing a lot of new starts. There’s also cranes in the air for office in the core markets of New York City, Washington, DC, San Francisco, Houston and even Seattle. But for the rest of the country, companies are still holding back on agreements to start new office buildings.

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