U.S. office construction has experienced steady but moderate increases over the last five years, but in the first quarter of 2015 office construction levels reached the highest they've been since 2009. Just in the first quarter of 2015 approximately 15 million square feet of office space had been construction with about 108 million square feet under construction at the end of the first quarter. That is 17 percent higher than the 92 million square feet under construction at the end of the first quarter in 2014.
Construction levels are above their historic norm in about one-third of the largest U.S. metros. California's Silicon Valley is leading the way with the current new Apple headquarters being constructed. Other markets with above average office construction include Houston, Seattle, Austin, San Francisco, Raleigh, N.C., Dallas-Fort Worth, Boston, Chicago and Denver.
(more on office constructions rise back to normal levels...)
