A new analysis by Yardi Matrix predicts an "extended period" before the 236.8 million square feet of planned new office stock begins to materialize—a delay the firm attributes to markets adjusting to new and changing end user demands and preferences.

Yardi estimates that the full effects of the COVID-19 pandemic on the office market will take five to seven years to fully play out, and predicts many developers will be forced to delay or cancel projects during that time. Yardi predicts that between now and the end of 2023, 191.5 million square feet of new supply is likely to be delivered nationally, with only 61.2 million square feet delivered between 2024 and 2025. 

Currently, 161.9 million square feet of new stock is under construction, with 29.3% located in suburban submarkets. About 128.2 million square feet of that figure is under construction in the top 25 US markets, and more than half the entire new supply figure is in nine of those markets.