The Chicago market has ranked 7th in the “Top 50 Destinations for Office Deliveries in 2018” with a total of more than two million sq.ft. in office space set for completion within the year, said the latest study by Commercial Cafe.
According to the 2018 Scheduled U.S. Office Completions, eight new buildings are in the pipeline for the city. Together, these projects will bring a two percent increase to the city’s existing inventory of 151.4 million sq.ft. An addition of about 2.4 million sq.ft. in office spaces is expected in 2018.
John Buck Company’s 151 North Franklin also posted 10th in the “Top 20 Projects Scheduled for Completion in 2018.” The project will deliver 797,355 sq.ft. in office space upon its completion.
Other office blocks highlighted by the report are McDonald’s corporate headquarters, which will bring 548,000 sq.ft. and 625 West Adams, with 438,000 sq.ft.
Overall, Commercial Cafe’s analysis has found that office construction is shifting towards the suburbs, with large-scale developments outside primary urban areas. A total of 74.6 million sq. ft. in office spaces are scheduled for completion in the country’s top markets by 2018. Of this, 35 million sq.ft. will be delivered in suburban areas while only 15 million sq.ft. has been slated for urban districts.
New York City has been recorded as the top destination for office deliveries with an upcoming 6.8 million sq.ft., which is a slight one percent increase from its existing inventory.
Meanwhile, the top project scheduled for completion in 2018 is the Apple Park at 10955 North Tantau Ave., Cupertino. The complex will deliver 2.8 million sq.ft. in office space.
