North American Office Construction to Stay Weak Until Early 2030s, Cushman Says
Cushman & Wakefield says North American office rents sit below economic rent, with New York standing out from other markets.
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what happened
Cushman & Wakefield reported in its Global Office Supply: The Development Drought report that average market rents in North America reached $77.03 per square foot in 2026. That is about 6% below economic rent, the minimum a new office project needs to be profitable. The firm projects market rents will not catch up to economic rents until the early 2030s.
New York is the exception: market rents there are nearly 60% above economic rent, and construction has nearly doubled over the past year to 6.4 million square feet. Chicago, Boston and San Francisco sit at different points on the viability gap, while Toronto and Vancouver are also covered in the report.
The company says the global under-construction office pipeline stood at 580 million square feet in Q3 2026, 45% below its 2017 peak.
why it matters
Limited new supply could eventually support rents for top-tier offices, but the outlook comes from one consultancy's estimates and is not a direct signal for listed stocks.
market impact
US office real estate: thin new supply and strong demand for prime space, while high rates slow construction
tags
instruments
sources
- Cushman & Wakefield: North American Office Development Viability Will Remain Low Until the Early 2030s as New York Stands Apart — TradingView, 13 November 2026 at 17:21 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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