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Office construction is on the rise across the U.S., and 2017 is expected to be another mega year for the sector.<\/p>\n
Indeed, 2017 is expected to surpass office construction starts from 2016 by 10 percent \u2013 or 10 million more square feet than in 2016, according to Dodge Date & Analytics\u2019 2017 Dodge Construction Outlook<\/a>. Dodge forecasters are predicting that this year the office sector will post the largest surge in starts than any other segment of commercial construction.<\/p>\n Read more<\/strong>: Workplace Trends Broker-Owners Should Know<\/span><\/a><\/p>\n<\/blockquote>\n \u201cThe cycle seems to be pretty strong,\u201d says Alex Carrick, ConstructConnect chief economist, who says the office market likely will be reminiscent of its 2007 and 2013 peaks.<\/p>\n The uptick is mostly being fueled by an increase in office-based employment, which was up 1.5 percent last year. More office space is needed to accommodate job growth in professional business services, accounting and bookkeeping, architectural and engineering services, computer design services, telemarketing and customer service call centers, Carrick says.<\/p>\n The key to constructing office buildings today is to be located in walkable areas with easy access to public transportation, developers are finding.<\/p>\n “You won’t see the same surge in other locations that don’t have that,” says John Dempsey, principal of CA Ventures\u2019 CA Office division, a commercial development company. “With good transportation, [employers can]\u00a0encourage a workforce from suburbia.\u201d<\/p>\n Office construction is not just being limited to urban areas, however. Suburban \u201clife centers\u201d are getting more focus as well. These tend to be near major metros and are \u201curban-like enclaves that mimic the village and community qualities\u201d of more urban centers, ConstructionDive reports.<\/p>\n Experts are predicting office construction to\u00a0remain elevated\u00a0at least into 2018.<\/p>\n Source: \u201cWhy 2017 Will Be the Year of Office Construction<\/a>,\u201d ConstructionDive (Jan. 24, 2017)<\/em><\/p>\n<\/div>\n [ad_2]\n
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