Research

Nationally, 97 MSF of office space is currently in various stages of development – 28% less than in 2023.

Austin had the most slippage among six key markets.

Not surprisingly, the wave of supply in most markets is playing a role.

Minneapolis is number one, followed by Queens, NY.

The largest lease was for 175,000 square feet at a Vornado Realty building.

Today, the office market is stable, but also fragile, VTS said.

Permitting is trending down, generally, but ticked up in December.

About three-fourths of survey respondents list it as No. 1.