{"id":39407,"date":"2024-08-14T10:20:00","date_gmt":"2024-08-14T07:20:00","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=39407"},"modified":"2025-11-13T14:19:24","modified_gmt":"2025-11-13T11:19:24","slug":"mid-year-office-pipeline-report","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/mid-year-office-pipeline-report\/","title":{"rendered":"2024 Mid-Year Office Construction Report: Boston Numbers Hold Strong"},"content":{"rendered":"

Construction activity continued its slowdown in the first six months of 2024, as interest rates and construction costs remain high. As always, we used information provided by Yardi Research Data\u00a0to ascertain trends around\u00a0office construction activity<\/strong>\u00a0throughout the country\u2019s major real estate markets, as well as highlight some of the\u00a0largest office projects<\/strong>\u00a0that have been delivered in the first half of the year (H1), as well as the\u00a0top 20 office developments that are estimated to be completed in 2024<\/strong>. Consult our \u00a0methodology section<\/a> for a better understanding of how we collect and analyze construction numbers.<\/p>\n

Across major U.S. markets, approximately 77 million square feet of office space is currently under construction with Boston contributing some 12 million square feet, followed by Dallas and San Francisco with similar amounts (5 million square feet).<\/p>\n

But, while Boston also stands out for its percentage of office space under construction compared to its overall stock (5%), it\u2019s Austin, Texas, and Miami that complete the podium this time. North Carolina\u2019s Winston-Salem-Greensboro also makes a surprise showing following a 4% bump in new office construction within this market.<\/p>\n

In terms of major office projects in the pipeline, the first half of 2024 has seen some important movements in the Seattle market with roughly 2.8 million square feet delivered, most of which is located in Bellevue, Wash. On the opposite side of the country, recently completed developments in Cambridge, Mass., and Sommerville, Mass., increased Boston\u2019s office inventory by 1.3 million square feet.<\/p>\n

That said, plenty of big projects remain in the pipeline for the remainder of 2024. To that end, two major developments in Manhattan, as well as Amazon\u2019s new offices in Bellevue, Wash.<\/a>, and Sherwin Williams headquarters in Cleveland \u2014 all properties with more than 1 million square feet of space \u2014 have had their completion dates pushed back to the final months of the year.<\/p>\n

Click on the highlights in the executive summary below to learn more development insights and details on the largest office projects scheduled for completion this year.<\/em><\/p>\n

Executive Summary<\/span><\/strong><\/p>\n