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
| Aug 11, 2010
Manhattan's Pier 57 to be transformed into $210 million cultural center
LOT-EK, Beyer Blinder Belle, and West 8 have been selected as the design team for Hudson River Park's $210 million Pier 57 redevelopment, headed by local developer Young Woo & Associates. The 375,000-sf vacant passenger ship terminal will be transformed into a cultural center, small business incubator, and public park, including a rooftop venue for the Tribeca Film Festival.
| Aug 11, 2010
Manhattan's latest boutique hotel will be LEED Silver certified
New York-based developer Tribeca Associates has commissioned Brennan Beer Gorman Architects to design its latest mixed-use office and boutique hotel at 330 Hudson Street. Located in the downtown Hudson Square area of Manhattan, the LEED-Silver development will involve the redevelopment of a historic, eight-story warehouse building into 292,000 sf of office space, 15,000 sf of retail space, and ...
| Aug 11, 2010
NASA plans federal government's greenest building
NASA is set to break ground on what the agency expects to be the highest-performing building in the federal government's portfolio. Named Sustainability Base, the building at Ames Research Center in Sunnyvale, Calif., will be a showplace for sustainable technologies, featuring some of the agency's most advanced recycling and intelligent controls technologies originally developed to support NASA...
| Aug 11, 2010
U.S. firm designing massive Taiwan project
MulvannyG2 Architecture is designing one of Taipei, Taiwan's largest urban redevelopment projects. The Bellevue, Wash., firm is working with developer The Global Team Group to create Aquapearl, a mixed-use complex that's part of the Taipei government's "Good Looking Taipei 2010" initiative to spur redevelopment of the city's Songjian District.
| Aug 11, 2010
High-Performance Workplaces
Building Teams around the world are finding that the workplace is changing radically, leading owners and tenants to reinvent corporate office buildings to compete more effectively on a global scale. The good news is that this means more renovation and reconstruction work at a time when new construction has stalled to a dribble.
| Aug 11, 2010
Idea Center at Playhouse Square: A better idea
Through a unique partnership between a public media organization and a performing arts/education entity, a historic building in the heart of downtown Cleveland has been renovated as a model of sustainability and architectural innovation. Playhouse Square, which had been working for more than 30 years to revitalize the city's arts district, teamed up with ideastream, a newly formed media group t...
| Aug 11, 2010
200 East Brady
Until July 2004, 200 East Brady, a 40,000-sf, 1920s-era warehouse, had been an abandoned eyesore in Tulsa, Okla.'s Brady district. The building, which was once home to a grocery supplier, then a steel casting company, and finally a casket storage facility, was purchased by Tom Wallace, president and founder of Wallace Engineering, to be his firm's new headquarters.
| Aug 11, 2010
Two Rivers Marketing: Industrial connection
It was supposed to be the perfect new office. In July 2003, Two Rivers Marketing Group of Des Moines, Iowa, began working with Shiffler Associates Architects on a 14,000-sf building to house their rapidly growing marketing firm. Over the next six months they put together an innovative program that drew on unprecedented amounts of employee feedback.
| Aug 11, 2010
AIA Course: Enclosure strategies for better buildings
Sustainability and energy efficiency depend not only on the overall design but also on the building's enclosure system. Whether it's via better air-infiltration control, thermal insulation, and moisture control, or more advanced strategies such as active façades with automated shading and venting or novel enclosure types such as double walls, Building Teams are delivering more efficient, better performing, and healthier building enclosures.
| Aug 11, 2010
Glass Wall Systems Open Up Closed Spaces
Sectioning off large open spaces without making everything feel closed off was the challenge faced by two very different projects—one an upscale food market in Napa Valley, the other a corporate office in Southern California. Movable glass wall systems proved to be the solution in both projects.
