More Office Space Removed Than Built in U.S. for First Time Since 2000
Allwork
JUNE 3, 2025
Construction and financing costs remain elevated, and tariffs are adding pressure on larger projects. According to Phil Mobley of CoStar, such conversion projects can be expensive and are still relatively uncommon, but they can significantly impact localized markets. million square feet in 2018 to 25 million in 2024, according to CBRE.
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