Newer buildings have more efficient HVAC systems, larger window frames, and more glass so light can penetrate into the space with more people working in open work stations and fewer people in perimeter offices. More efficient elevators help move people in and out of the buildings.

A building deemed best in its class, with good natural light, an extravagant cafeteria, and an inviting lounge helps companies retain and attract talent in a competitive environment.

“One of the trends we have seen for several years has been fewer individual offices and they are smaller than they used to be,” LaRusso tells GlobeSt.com. “However that doesn't mean the company rents less space overall. They may add space in meeting rooms, conference rooms and collaboration spaces.”

LaRusso points out that moving to new construction can allow companies to take less space because the ratio of rentable to usable is much more favorable than in older buildings. Less space is lost to columns and mechanicals. Newer building are redesigned to eliminate many of the columns or to spread them out.

“A company that may be used to occupying 200 square feet of space can move to a newer building and rent 160 square feet of space,” she says. “That doesn't necessarily mean they are allocating less space per person. It just means they are laying out more efficiently and the usable space they get out of that new lease is a much bigger share of the rentable than in their previous lease.”

With new construction or when a renovated building is being reintroduced to the market, the largest transactions occur early. There are fewer properties, for example, to offer a 500,000 square-foot office space. Thus, some of these large office space leases are signed as far as three years prior to occupancy.