Office construction dwindles despite tenant demand for high-quality space
By Ashley Fahey
Tampa Bay Business Journal
Published: May 21, 2025

The nation's office-construction pipeline has unsurprisingly dwindled since the Covid-19 pandemic. Despite a recent pickup in tenant demand, especially for top-tier office space, new construction is likely to remain stymied for the foreseeable future.

Market trackers vary, but according to Newmark Group Inc.'s first-quarter office report, 30.9 million square feet of office space was underway nationally earlier this year, down materially from the 123.6 million square feet under construction in Q4 2019.

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