Since 2009, the U.S. economy has had more than 110 consecutive months of growth, making this the second longest economic expansion since the Great Depression. After a rather tepid 2017 performance, the U.S. office market gathered some steam in 2018, adding 76 million square feet of new office space and completing roughly 396 new projects in its top 40 most active markets for office completions.<\/p>\n
Using\u00a0Yardi Matrix<\/a> data we\u2019ve examined what 2019 may have in store for the U.S. office market. According to numbers recorded up to April 9th, on a national level 662 buildings and a whopping 115 million square feet of new office space are on track for delivery this year. While some reports<\/a> raise concerns about how the pace of development will be affected by tariff and trade wars, growing construction costs and labor shortages, the office sector is expected to hold up<\/a> better than it has in earlier downturns. This is mainly due to more restrained lending practices, a more moderate pace of development and the concentration of new office properties in markets with significant job growth.<\/p>\n Keep reading for more details about the hottest markets for office development and learn about the top 10 office projects that came online in 2018 and the largest developments in the pipeline for 2019.<\/p>\n Developers completed roughly 8.3 million square feet of new office space in Manhattan<\/a>, Brooklyn<\/a>, and Queens<\/a> in 2018, increasing the city\u2019s 520 million square foot office inventory by 2% and placing it in first place among the top 40 markets for office deliveries. Dallas office space<\/a> came in second, with 7 million square feet of new developments and 31 completed projects, and is expected to deliver 6.6 million square feet of new office space by the end of 2019. Miami office space<\/a> saw a growth of 5% \u2015the fastest rate among the top 40 markets for office completions\u2015as 11 projects delivered 3 million square feet of new office space in the past year.<\/p>\n Check out the list of markets with the largest number of office completions in 2018:<\/p>\nDallas Office Completions in 2018 Totaled 7 MSF, Second Only to NYC<\/h2>\n