Development of office space is shifting toward suburban areas, though San Francisco is expected to remain a top spot for such development throughout 2018, Commercial Café reports. Economists project that the overall office market will see growth in the new year. On a national level, 347 buildings and close to 75 million square feet of new office space will be delivered in 2018. Forty-seven percent of that total will be located in suburban areas.
Nearly 35 million square feet of office space is expected to hit the nation’s suburbs in 2018. That beats out the 24 million square feet projected in urban areas and 15 million square feet for central business districts. Investors are shifting their focus toward the suburbs, where vacant land is still available and there’s potential for large-scale development, according to Commercial Café.
The San Francisco Bay Area’s rising number of tech companies and startups continue to drive more office construction. The area is expected to boast the largest number of new suburban office space in 2018, with a total of 5.9 million square feet.
Source: “Suburban Construction Fuels 2018 U.S. Office Pipeline,” Commercial Café (Nov. 20, 2017)
