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Phoenix, one of the cities worst hit during the recession, is coming back strong, with 3,149,124 sq. ft. of office space under construction in the first quarter.
Considered one of Northeast’s primary markets for commercial real estate investment, Boston had 4,145,156 sq. ft. of new office construction in the first three months of the year.
With high demand for all types of commercial space and sky high rents, it’s not surprising that San Francisco made it on this list as well, with 5,029,975 sq. ft. of new offices under construction.
Dallas’ office market may have suffered from the fall in oil prices this year, but in the first quarter developers still went ahead on with 5,811,545 sq. ft. of new office space.
While Washington D.C.’s economy is to a large extent driven by the federal government, it is experiencing considerable diversification. With information technology burgeoning into a major force in the local economy, the region is attracting Bay Area tech firms, which have already taken 1.2 million sq. ft. of office space here, with further growth expected. The market also boasts multiple education institutions, a highly educated and high-income labor force and an extensive transit system.
All those techies need a place to work, and office developers are trying hard to accommodate them with 8,090,151 sq. ft. of office space under construction in the first quarter.
Another tech magnet, the Seattle/Puget Sound metro saw 8,285,398 sq. ft. of new construction from January through March.
And the number one market for new office construction in the country is Houston, with 14,454,504 sq. ft. of new space in the works, almost double the volume in Silicon Valley.
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