Development

The share of industrial properties under construction decreased by 16 percent month-over-month. New Retail construction dropped 11.2 percent, and  Office developments fell by 8 percent compared to August 2017.

Change in U.S. commercial real estate under construction

Source: CoStar Group Inc.
Source: CoStar Group Inc.

New development decreased on a square foot basis for all property types compared to September 2016. Industrial construction fell by 37 percent, while Retail development dropped by 36 percent and Office by 37 percent. The share of industrial properties under construction decreased by 16 percent month-over-month. New Retail construction dropped 11.2 percent, and  Office developments fell by 8 percent compared to August 2017. The industrial sector peaked in October 2014 at 179.2 million square feet, but experienced a 33 percent plunge in construction in October 2015 and a 42.7 percent decline in October 2016 compared to the same month in 2015.