Which Cities Will Add the Most Office Space In 2018?
The office market is poised for change in the coming year, with some markets set to experience more transformation than others.
An estimated 347 buildings and close to 75M SF of new office space are on track to come online across the U.S. in 2018 — these five cities in particular are projected to deliver the most office development next year, according to CommercialCafé's analysis of Yardi Matrix data.
New York is expected to be the top city for office development with 15 buildings and 6.8M SF under construction. The city has two of the largest projects coming online next year. One project is the 80-story 3 World Trade Center tower, which is estimated to be complete by April, and 55 Hudson Yard — a 51-story, 1.4M SF high-rise with 13,278 SF of retail space on track for completion in January.
San Francisco came in second with eight buildings and 4.6M SF expected to deliver over the next 12 months. Salesforce Tower is among the most notable buildings entering the market with 1.4M SF of office space and 10,400 SF of retail.
Washington, D.C., will add 12 buildings for a total of 3.7M SF next year. Phase 1 of Capitol Crossing, a $1.3B mixed-use project set above Interstate 395, is scheduled to come online in 2018 with the second phase delivering in 2019.
Cupertino, California, ranked No. 4 on the list in part because of Apple’s new 2.9M SF "Apple Park" campus slated to come online next year. The building will be completed by the spring.
Philadelphia rounded out the list of five, adding another six buildings to the city for a total of 2.7M SF. One of those buildings will be the Comcast Technology Center. Once complete, this will be the tallest building in Pennsylvania.