Pent-Up Demand for Offices Drives Growth

摘要

Prospects continue to improve for commercial contractors in the office sector. Vacancy rates are dropping, especially in metropolitan markets, driving demand for both new base buildings and tenant improvement work. The trend marks a steady rebound in construction starts in the sector, which hit historically low levels during the recession. Last year, office construction starts rose 21%, to 83 million sq ft from 69 million sq ft, according to McGraw Hill Construction Research and Analytics. This year, McGraw Hill forecasts that starts will climb another 23%, to 102 million sq ft.