Key Takeaways:<\/p>\n
The U.S. economy has been on a tear in the last 10 years. Unemployment is at its lowest levels since the 1950s, the S&P is up 362% from 2009 lows, and recent changes in government policies have been very business friendly. Demand for office space has increased, boosted even further by coworking companies like WeWork and Regus that make leasing office space incredibly simple and inexpensive. You\u2019d think that after 10 years of economic expansion that we\u2019d start to see a slowdown, but 2019 looks to expand further. COMMERICALCaf\u00e9<\/a> aggregated the office completion data from 2018 and what’s scheduled for 2019 in the most popular 40 office markets in the country based on data from Yardi Matrix<\/a>, and it tells an interesting story.<\/p>\n The top 40 markets in the U.S. added over 75.6 million square-feet of office space in 2018. Of the total completions, 39% occurred in just five markets\u2014NYC, Dallas, the Bay Area, San Francisco, and Washington D.C. That\u2019s more square footage than the bottom 29 metros combined. The largest single addition was Silverstein Properties\u2019 3 World Trade Center at 2.8 million square-feet.<\/p>\n<\/span>75.6 Million Square-Feet in 2018<\/strong><\/span><\/h2>\n