In the final leg of 2017, Washington, D.C., is estimated to add 1,185,000 square feet of office space, making it rank in eleventh place for U.S. cities with the most office space expected during this time frame. For 2018, CommercialCafé reports that D.C. is projected to be one of the top three U.S. cities expected to add the most amount of office space, totaling over 3.7 million square feet. In first place is New York City with over 6.7 million square feet planned with San Francisco trailing behind with over 4.6 million square feet planned.
Using Yardi Matrix data, CommercialCafé reports that Carr Properties’ Midtown Center in Downtown D.C. is expected to be the city’s biggest office project next year, spanning 875,000 square feet. (Note: When compared with Clark Construction’s website, the square footage differs in CommercialCafé’s report, which states that it will span 818,149 square feet.) Midtown Center ranks in ninth place for the top 20 U.S. projects scheduled for completion in 2018.
Topping the list of U.S. properties with the most square footage is Apple Park in Cupertino, California (over 2.8 million square feet), with New York’s 3 World Trade Center in second place (2.2 million square feet) and New York’s 55 Hudson Yards in third (over 1.4 million square feet).
Office space seems to have shifted towards the suburbs. Out of the 57.8 million square feet of office space expected to deliver next year in the nation’s top cities, 35 million will be in suburban areas, according to CommercialCafé. The top U.S. suburban markets for office development in 2018 are the Bay Area (over 5.9 million square feet), the Dallas-Fort Worth area (over 5 million square feet), and Austin (over 2 million square feet). The D.C.-suburban Maryland area ranks in fifth place with over 1.6 million square feet planned.
When conducting their research, CommercialCafé only looked at office projects that were at least 50,000 square feet, currently under construction, and expected to complete by 2018. The analysis used data recorded up until November 8, 2017. Retail, residential, and non-office spaces were excluded from the report.
For more data on the top 50 cities for office deliveries, head to CommercialCafé’s full report over here.
• Suburban Construction Fuels 2018 US Office Pipeline [CommercialCafé]