The office market has showed no signs of a slowdown.
A recent report by real estate research firm JLL found that, in the fourth quarter of 2015, occupancy growth rate 1.3 times that of new supply.
Construction Dive has more information from the report. Other figures include:
- Last year’s total leasing volume increased 2.5% to 241.9 million sf over the last year.
- The tech industry represented 15.6% of the fourth-quarter leasing activity, and banking and financial services made up 11.2%.
- Total vacancies were at its lowest levels in eight years, falling to 14.7%.
- In terms of new developments, The top 10 U.S. markets accounted for 60 million sf of the 88 million sf being constructed currently.
- Growth is expected in 2016, as the nation will see 48.9 million sf of new supply, up 4.7 million sf from 2015.
- Nearly 50% of leasing activity was toward company expansions, compared to 8.3% towards downsizing.
Related Stories
Government Buildings | Aug 7, 2023
Nearly $1 billion earmarked for energy efficiency upgrades to federal buildings
The U.S. General Services Administration (GSA) recently announced plans to use $975 million in Inflation Reduction Act funding for energy efficiency and clean energy upgrades to federal buildings across the country. The investment will impact about 40 million sf, or about 20% of GSA’s federal buildings portfolio.
Market Data | Aug 1, 2023
Nonresidential construction spending increases slightly in June
National nonresidential construction spending increased 0.1% in June, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. Spending is up 18% over the past 12 months. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.07 trillion in June.
Office Buildings | Aug 1, 2023
Creating a nurturing environment: The value of a mother’s room in the workplace
Since becoming an architect, Rebecca Martin of Design Collaborative has drawn a mother’s room into numerous projects. But it wasn't until she became a mom that she fully appreciated their importance in the workspace.
Adaptive Reuse | Jul 27, 2023
Number of U.S. adaptive reuse projects jumps to 122,000 from 77,000
The number of adaptive reuse projects in the pipeline grew to a record 122,000 in 2023 from 77,000 registered last year, according to RentCafe’s annual Adaptive Reuse Report. Of the 122,000 apartments currently undergoing conversion, 45,000 are the result of office repurposing, representing 37% of the total, followed by hotels (23% of future projects).
High-rise Construction | Jul 26, 2023
A 33-story Singapore tower aims to reimagine work with restorative, outdoor spaces
Architecture firm NBBJ has unveiled design details for Keppel South Central, a commercial tower in Singapore. The project, which is slated for completion in late 2024, will transform the original Keppel Towers into a 33-story, energy-efficient building that aims to reimagine work by providing restorative spaces and connections to the outdoors.
Multifamily Housing | Jul 25, 2023
San Francisco seeks proposals for adaptive reuse of underutilized downtown office buildings
The City of San Francisco released a Request For Interest to identify office building conversions that city officials could help expedite with zoning changes, regulatory measures, and financial incentives.
Market Data | Jul 24, 2023
Leading economists call for 2% increase in building construction spending in 2024
Following a 19.7% surge in spending for commercial, institutional, and industrial buildings in 2023, leading construction industry economists expect spending growth to come back to earth in 2024, according to the July 2023 AIA Consensus Construction Forecast Panel.
Office Buildings | Jul 24, 2023
A twist on office conversions maximizes leasable space
A recent NELSON Worldwide project is made more suitable for multiple workplace tenants.
Biophilic Design | Jul 20, 2023
Transform your work environment with biophilic design
Lauren Elliott, Director of Interior Design, Design Collaborative, shares various ways biophilic design elements can be incorporated into the office space.
Office Buildings | Jul 20, 2023
The co-worker as the new office amenity
Incentivizing, rather than mandating the return to the office, is the key to bringing back happy employees that want to work from the office. Spaces that are designed and curated for human-centric experiences will attract employees back into the workplace, and in turn, make office buildings thrive once again. Perkins&Will’s Wyatt Frantom offers a macro to micro view of the office market and the impact of employees on the future of work.
