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
Headquarters | May 10, 2022
JPMorgan Chase’s new all-electric headquarters to have net-zero operational emissions
JPMorgan Chase’s recently unveiled plans for its new global headquarters building in New York City that is rife with impressive sustainability credentials.
Building Team | May 6, 2022
Atlanta’s largest adaptive reuse project features cross laminated timber
Global real estate investment and management firm Jamestown recently started construction on more than 700,000 sf of new live, work, and shop space at Ponce City Market.
Office Buildings | Apr 28, 2022
A 48-story office tower to rise over boomtown Austin
In downtown Austin, Texas, a planned 48-story office tower, The Republic, recently secured its first major tenant—allowing for the groundbreaking by midyear.
Mixed-Use | Apr 22, 2022
San Francisco replaces a waterfront parking lot with a new neighborhood
A parking lot on San Francisco’s waterfront is transforming into Mission Rock—a new neighborhood featuring rental units, offices, parks, open spaces, retail, and parking.
Market Data | Apr 14, 2022
FMI 2022 construction spending forecast: 7% growth despite economic turmoil
Growth will be offset by inflation, supply chain snarls, a shortage of workers, project delays, and economic turmoil caused by international events such as the Russia-Ukraine war.
AEC Tech | Apr 13, 2022
A robot automates elevator installation
Schindler—which manufactures and installs elevators, escalators, and moving walkways—has created a robot called R.I.S.E. (robotic installation system for elevators) to help install lifts in high-rise buildings.
Office Buildings | Apr 11, 2022
SOM-designed office tower aims to promote health and wellness
Skidmore, Owings & Merrill (SOM) recently completed work on 800 Fulton Market, a new mixed-use office building in Chicago’s historic Fulton Market/West Loop neighborhood.
Projects | Apr 6, 2022
Ryan Companies expands Chicago presence with new West Loop office
Ryan Companies US, Inc. (Ryan), a national leader in commercial real estate services, announces it has enhanced its Chicago presence with the opening of a new downtown office at 224 North Desplaines in the city’s West Loop neighborhood.
Airports | Apr 4, 2022
Dominican Republic airport expansion will add mixed-use features
The recently revealed design concept for the expansion of Santiago International Airport in the Dominican Republic includes a transformation of the current building into a mixed-use space that features an office park, business center, and hotel.
Codes and Standards | Mar 23, 2022
High office vacancies have cities rethinking downtown zoning
As record-high office vacancies persist in U.S. urban areas, cities are rethinking zoning policy.