Development

Month-over-month, the amount of industrial under construction decreased by 20 percent, while the amount of office construction decreased by 10 percent.

Change in U.S. commercial real estate under construction

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

 

 

 

 

 

 

 

 

 

 

For all property types, new development (on a square foot basis) decreased compared to February 2016. Industrial construction fell 29 percent, followed closely by office (-28 percent) and retail (-19 percent). Month-over-month, the amount of industrial under construction decreased by 20 percent, while the amount of office construction decreased by 10 percent. Industrial construction peaked in February 2015 at 153.6 million square feet, but the sector experienced a 53 percent decline the following year.