Colliers reported positive pre-leasing data on new office properties, with most markets above the average percentage at 46.2% pre-leased and Manhattan coming in first at 83.3% pre-leased.
There are 36.4 million square feet of active construction across the top office markets and most projects are expected to be completed in 2024. Those 79 projects are expected to add 22.7 million square feet of inventory in the top markets.
Urban submarkets account for 59.6% of construction activity in terms of square footage, Colliers reported. "Though by count, urban and suburban submarkets are almost even," according to the firm.
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