Dallas, West Palm Beach & Manhattan See Most Construction Starts

As of August, a little more than 40 million square feet of office space was under construction across major U.S. markets. According to Yardi Research data, this represented less than 1% of national stock and marks a persistent sluggishness in the new-construction pipeline. Meanwhile, construction starts totaled 10.7 million square feet so far this year (not including owner-occupied properties), while deliveries added up to 17.3 million square feet of new office stock through the end of August.

Among the top markets surveyed by Yardi Research, Manhattan, N.Y.; West Palm Beach, Fla.; and Dallas saw the most construction starts this year. More precisely, projects totaling more than 2 million square feet broke ground in Manhattan during the summer — a significant boost in activity following a very slow two years in 2023 and 2024.

During that same time, there were roughly 1.4 million square feet of West Palm Beach office construction starts, while Dallas was the third-most active market with nearly 1 million square feet of office breaking ground since the start of the year.

Source: Commercial Cafe full report