Manhattan, Boston and Atlanta lead the way for office space under construction, according to a new report from CommercialCafe, with more than 10 million square feet on track to deliver in each city in the near future.
Austin snagged the #3 spot on the list, with roughly 7.7 million square feet in the pipeline, followed by Dallas with 7.5 million square feet and the Bay Area, San Francisco, Seattle; and Washington, D.C. all trailing with more than 5 million square feet of office space in their respective pipelines.
As of Q1 2023, about 135 million square feet of office space was under construction across 25 major US markets, while Austin snagged the top spot in terms of the share of new office developments within the overall inventory at 8.7%. The Texas city is followed by Atlanta and Charlotte; approximately 6.3% of the current stock in both cities are made up of new office projects.
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