The U.S. office sector reports nearly 29.4 million square feet of space under construction as of April 2026, with Manhattan leading national sales at $2.85 billion.
As of April 2026, the national office pipeline reached approximately 29.4 million square feet of office space under construction, with 86% of these projects categorized as Class A+/A assets. Developers delivered 6.6 million square feet during the first quarter of the year, though supply is expected to bottom out in 2027 before seeing modest annual increases through 2030. Industry trends suggest that the integration of AI could significantly reshape future demand, potentially limiting new project viability while intensifying the flight to quality for amenity-laden properties.
Market performance remained mixed, with a national office vacancy rate of 17.6% and average listing rates of $32.91 per square foot, marking a 1.3% year-over-year decline. Manhattan, Boston, and Dallas held the most active construction pipelines, each exceeding 2 million square feet in development. Meanwhile, investment activity continues to favor discount sales, as evidenced by Washington, D.C., where properties trading below previous sale prices represented a notable share of the capital's transaction volume, including the recent $12.4 million acquisition of The Lion Building.
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