Despite unknowns stemming from work-from-home trends, a slowdown in new leasing, declining job growth and an uptick in real interest rates, the pipeline for the office asset class remains viable, according to a new report from CommercialEdge.
Nationally, approximately 153.8 million square feet of Class A+ or Class A product is under construction, and another 10.3 million square feet of Class B is underway. There are no Class C projects in the works.
CBDs have a total of 34.4 million square feet under construction, with urban areas totaling 79.6 million square feet and suburban office product construction clocking in at 50.4 million square feet.
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