For U.S. commercial tenants, the latest evidence does not show a broad office-construction boom. In 2025, office demolitions and conversions outpaced new completions, and the U.S. pipeline stood at 19.7 million square feet in Cushman & Wakefield’s Q2 2026 update, which called it near a historic low. What matters to a tenant is not the national total alone: local vacancies, competing buildings, delivery dates, and the quality of the space determine whether new construction expands choice or leaves the best options scarce.
Is office construction actually rising?
Not across the United States as a whole, according to the current reports cited here. CBRE says that in 2025, removals of office inventory through demolition and conversion exceeded new completions for the first time since it began tracking in 1988. New supply declined enough to contribute to the first year-over-year fall in U.S. office vacancy in more than five years, even though net absorption—space leased or occupied minus space vacated—was 14% below its 30-year average. CBRE’s U.S. Real Estate Market Outlook 2026 therefore describes a market where shrinking supply and subdued absorption occurred at the same time.
As an Amazon Associate I earn from qualifying purchases.
The active pipeline is also small by recent historical standards. Cushman & Wakefield reported 19.7 million square feet of U.S. office space under construction in Q2 2026 and characterized the pipeline as near its historic low. Its U.S. office update says demand continues to favor higher-quality buildings, with attention to employee experience, location, and amenities.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThese national measures are context, not a prediction for any one lease. Construction can increase choice when projects deliver in the tenant’s own submarket and meet its requirements. A small national pipeline does not show how much suitable space is available nearby, while a new tower in another city—or a building aimed at a different type of occupier—may have little bearing on a tenant’s options.
#1 Best Overall
- Valued Carpenter Pencil Set: You will get 2 pcs solid carpenter pencils with 26 piece 2.8 mm refills, 1 replaceable sharpener, 1 plastic storage box.The complete carpenter pencils combination allows you to finish your work faster and more easily
- Deep Hole Marker Pencil: The deep-hole construction pencils adopts 45mm elongated tip design, which is more convenient to mark in the small hole or in other tight areas that other carpenter markers cannot reach
- Carpenter Pencils with Sharpener: The sharpener is screwed into the top of the work pencil, which won't get lost either. Built-in pencil sharpener that keep the lead with pointed and smooth to Improves line of sight in fine work
- Stronger Solid Lead: This work pencil is matched with a 2.8 mm thick lead , which is much thicker and stronger during the drawing process of construction work, it will not break or damage easily
- Marks on Various Surfaces: 3 colors solid construction pencil can marks on various surfaces,such as metal, plastic, wood, paper etc. Ideals for woodworkers, contractors, craftsmen, builders, merchants and masons
It also helps to distinguish the construction pipeline from available space. A project under construction is not necessarily ready for a tenant to occupy today; its expected delivery must match the tenant’s decision and move schedule. Conversely, a market with little new construction may still have substantial existing vacancy. A headline about construction alone cannot answer whether a tenant will have a useful choice at the right time.
Other U.S. snapshots use different measures
Newmark’s Q1 2026 U.S. report recorded 4.5 million square feet of net absorption, 20.2% vacancy, and construction at a 14-year low. The report describes recovery as uneven across markets and asset classes. Those figures are Newmark’s Q1 2026 measures, not values to splice into CBRE’s or Cushman & Wakefield’s series: providers may define markets, inventory, vacancy, and construction differently.
Read these as separate, dated snapshots rather than competing answers to a single national question. Vacancy describes space available under a provider’s definition; net absorption reflects the balance of occupied or leased space and space vacated over a period; construction measures space being built. Each can move differently. For example, removals can reduce inventory even when leasing activity is subdued, while demand for a narrow set of premium buildings can coexist with vacancies elsewhere. The reported figures help frame the market, but do not replace a local availability check.
The Tool Desk
Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Why local conditions matter more than the national total
Office markets differ in leasing momentum, rents, occupancy, and construction. Cresa’s 2026 North American Office Market Index compares the 100 largest markets by institutional-quality office inventory using 11 metrics across those four categories. In its framework, elevated vacancy, excess availability, or slower leasing can give occupiers greater leverage; diversified industries, resilient demand, and a healthier balance between supply and occupancy tend to strengthen a market. Cresa’s index explains its measures and market framing, but a market-level score cannot guarantee a particular rent or concession in an individual building.
The index is useful as a reminder to investigate several conditions together, not as a lease-pricing calculator. A market’s leasing momentum may be strong while certain submarkets or buildings still have excess availability. Likewise, a market-level indication of tenant leverage does not mean every landlord will offer the same terms. The tenant’s size, timing, location requirements, desired quality, and actual competing options determine which broad conditions are relevant to a specific negotiation.
Rank #2
- Ergonomically Designed: Work in tight areas with a compact design that gets into tough spots
- Compact and Lightweight: Both tools are designed to fit into difficult to reach spaces. The 1/4" impact driver has a length of 5.55 in. and weighs just 2.8 lbs, while the 1/2" drill/driver measures only 7.5 in. and weighs 3.6 lbs
- Both the DEWALT impact driver and electric drill driver feature integrated LED work lights with a convenient 20-second delay, ensuring enhanced visibility in dimly lit or challenging work areas
- One-Handed Loading - Keep one hand free with a 1/4 in. hex chuck that accepts 1 in. bit tips
- Power drill cordless with 1/2" single sleeve ratcheting chuck provides tight bit gripping strength, making bit changes faster and more secure
For a tenant, the useful questions are narrower: Is there comparable space in the precise submarket? Is it available when the current lease expires? Are competing landlords struggling to lease, or are good buildings filling quickly? Does the new space actually fit the company’s location, size, layout, and amenity needs? Those answers are more actionable than whether a national construction number rose or fell.
How construction can affect a tenant’s negotiating position
More suitable competing space can create leverage
When newly completed buildings add viable options in the same submarket, tenants may be able to compare more landlords and negotiate from a stronger position. The same can be true when existing space is plentiful or leasing is slow. Cresa identifies elevated vacancy, excess availability, and slower leasing as conditions associated with greater occupier leverage. That relationship does not establish a standard rent reduction: the result depends on the building, the lease, timing, and competing offers.
For leverage to be meaningful, alternatives need to be real substitutes. A space that is too small, in the wrong location, unavailable before lease expiry, or lacking required amenities may not give a tenant a credible second option. Make a shortlist of buildings that fit the actual brief, then compare their availability and timing. If few options meet the requirements, a large amount of market-wide vacancy may not translate into much bargaining power for that tenant.
A thin pipeline can make prime space harder to secure
When few projects are underway, tenants may have fewer chances to move into new, high-quality space as leases expire. Cushman & Wakefield says demand is favoring buildings that emphasize employee experience, location, and amenities. If many tenants want the same kind of space, limited construction may intensify competition for it even while less desirable buildings continue to offer alternatives.
That does not mean every tenant should rush to lease new construction. A future building has to be evaluated against currently available space and the tenant’s timing. Compare when it is expected to be delivered with the required occupancy date, and verify the proposed space and terms against the tenant’s needs. Delivery timing and quality are considerations; they do not establish a universal advantage or cost saving for new buildings.
Rank #3
- 【Great Compatibility】This Katerk 1/4 inch hex shank bit holder is specifically designed for 1/4 inch hex shank drill bits. It's compatible with most 1/4 fast hex handles, hex sockets, various electric screwdrivers, and handheld screwdrivers. The bit holder makes it a valuable addition for any handyman.
- 【Secure and Safe】Built with a secure backup nut design, each drill bit holder securely locks onto your bits, ensuring they stay firmly in place. Additionally, our bit holder incorporates a high-quality steel ball rolling design that holds up to several kilograms of weight, ensuring your various drill bits don't fall off.
- 【Easy One-Handed Operation】The bit holder for impact driver allows you to change bits single-handedly, simplifying your workflow. Its multi-color design further allows for quick identification of the drill bit you need.
- 【Compact and Convenient】Thanks to its compact size, this 1/4 inch bit holder is easy to carry around. The bit holder allows for easy attachment to various tools, making this a convenient addition to your construction accessories. The Katerk bit holder is cast from high-quality alloy material, promising a long product lifespan. Despite its rugged strength, the bit holder remains lightweight, making it portable.
- 【Cool Christmas Gift For Men Stocking Stuffers】 This screwdriver bit holder, driver bit holder, impact bit holder, can be given as a gift to your loved one, especially for anyone involved in construction or electrical work. It's a must-have for stocking stuffers for men and women, tools gifts for dad, tech gadgets for men, gifts for dad, gifts for him, gifts for husband, gifts for boyfriend, cool gadgets for men, and cool gifts for dad.
Building quality can divide the market
CBRE describes occupiers as focused on higher-quality assets, while many lower-quality properties still offer significant tenant leverage. That means a market can have a tight supply of attractive, well-located offices and a large amount of less competitive space at the same time. “Available” is not the same as “suitable”: assess each building’s condition, location, amenities, and fit rather than treating every vacant square foot as a direct substitute.
This quality divide changes how tenants should read vacancy statistics. A broad vacancy rate may include space that does not compete for a particular tenant’s requirements. A tenant prioritizing a well-located building and a strong employee experience should compare that narrower set of options, not assume that all vacant offices will constrain the landlord of a preferred property. At the same time, a tenant open to a wider range of buildings may be able to use weaker demand in some assets to explore alternatives.
CBRE forecasts that prime vacancy will return to pre-pandemic levels by the end of 2027. That is the firm’s forecast, not a confirmed outcome or a guarantee for every city. The report also says annual leasing activity is expected to surpass 2019 levels; it is a CBRE report statement, not a personal quotation from an individual researcher.
How to compare buildings and lease offers
Compare actual alternatives on the same basis. A project that appears cheaper on headline rent may not be the better choice once timing, fit-out responsibilities, concessions, and lease length are considered. The market reports identify location, quality, amenities, rent, occupancy, and construction as relevant dimensions; the precise economics must come from the lease proposals and building information.
A practical comparison starts with the tenant’s own brief, not with a market headline. Record the target submarket, access needs, required space, desired building qualities, and the date the space must be available. Use the same criteria for every alternative. This separates genuine alternatives from properties that look attractive in a listing but cannot meet the tenant’s operational or timing needs.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallRank #4
- Long Nib and Deep Hole Marker: Our mechanical carpenter pencil with 45mm nib is designed for easy marking of deep holes or narrow areas. These construction pencils are the great choice for woodworking tools, construction tools, carpenter tools, contractor tools, wood carpentry tools and architect tools
- Extra Refills in 2 Colors for Versatile Marking: The construction mechanical pencil comes with 12 extra 2.8mm refills, including 6 red and 6 black refills. The black refill is suitable for light surfaces, while the red wax is perfect for dark surfaces. Our carpenter mechanical pencil makes sure that you'll have an ample supply for extended use
- Built-in Sharpener: Our construction pencil comes with a built-in sharpener to ensure the mechanical pencil tip is always sharp and ready for use. Never buy an extra pencil sharpener again. A great tool for any woodworker pencil, contractor pencils. The refill can easily be extended or retracted with a simple click of the pencils mechanical, allowing you to work more efficiently and accurately
- Portable Clip Design: Our deep hole construction pencil features a portable clip design, easy to carry and attach to your pocket or tool box, so that you can keep the carpenter pencils mechanical close at hand, making it a convenient tool to have on the go. Great gifts choice for carpenters
- Stronger Pencil Lead: The black refills are made of lead, sturdy and smooth. The red refills are made of wax, clear and light. These marking pencils are much thicker and stronger than normal pencils during the marking process of construction work, suitable for various surfaces, such as glasses, metal, boards, floors, walls, furniture, etc. The written marks can be easily wiped with a wet paper towel when needed
| What to compare | Questions to ask |
|---|---|
| Submarket and access | How does the location work for employees, clients, and transit? Are the competing buildings genuinely in the same area and convenient for the same workforce? |
| Building quality and condition | What is the state of the building and its shared spaces? Do its amenities and overall experience meet the company’s needs? |
| Space and timing | How much space is available now? If it is under construction, when is delivery expected, and does that schedule match the lease expiry or planned move? |
| Lease economics | What are the quoted rent, concessions, fit-out obligations, and other stated costs? Compare the offers using their actual terms rather than assuming construction creates a particular saving. |
| Term and flexibility | How long is the commitment, and how does the lease term align with the tenant’s plans and current expiry date? |
| Local competition | What competing vacancies are available, and how quickly is comparable space leasing in the submarket? |
Then check that the offers are being compared consistently. A quoted rent on its own is not a complete account of lease economics: record the concessions and fit-out obligations stated in each proposal, as well as the lease term and expected availability. The cited reports do not provide a formula for converting these terms into a total cost, so tenants should use the actual lease documents and locally specific advice rather than applying a generic construction-related discount.
A tenant deciding whether to renew or relocate should also account for the time needed to evaluate alternatives. If a prospective building is not yet complete, delivery risk and the gap between the expected handover and lease expiry can matter as much as the asking rent. Seek locally specific leasing advice when the decision involves substantial commitments or construction and fit-out details; national market indicators cannot substitute for reviewing the actual space and lease terms.
Tenant-representation or office-leasing advisory services may be useful when a renewal or relocation requires local comparisons across submarkets, buildings, and proposals. This is a category of professional help, not an endorsement of a particular provider. The key value is market- and lease-specific guidance: a national report cannot tell a tenant whether a particular building’s availability, timing, and terms fit its needs.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why national construction figures do not predict tenant savings
The cited reports establish broad market conditions, not an individual tenant’s total occupancy cost. They do not quantify how a particular construction project changes that tenant’s rent, concessions, fit-out expense, moving costs, or operating costs. Nor do they support a fixed discount or universal decline in office rents. Treat any projected savings as a claim to verify against local comparable offers and the full proposed lease economics.
Keep geography, period, and provider attached to figures. CBRE’s U.S. 2025 removals and vacancy observations, Cushman & Wakefield’s Q2 2026 pipeline, and Newmark’s Q1 2026 vacancy and absorption are separate snapshots. They are useful for understanding direction and context, but their measures should not be combined as if they formed a single, consistently defined time series.
Best Value
- Milwaukee Ink all Fine Point Marker, Black, 4 Per Pack
- 4 per pack Features Clog Resistant Marker Tip Writes through Dusty, Wet and Oily Surfaces Durable Marker Tip for Writing on Concrete, OSB and Rough Surfaces
- Clog resistant tip writes on dusty, wet and oily surfaces and is optimized for rough surfaces such as OSB, cinderblock and concrete
- Hard hat clip- attaches for easy access
- Quick dry time with reduced smearing and marking
That caution also applies to comparisons across countries. A market with a thin pipeline could face pressure on prime space, while a different market with more excess availability could give tenants more options. Neither result should be assumed for a city or building without local evidence. The cited reports do not supply figures for an unspecified tenant’s city, so the next step is to check local inventory, vacancy, leasing momentum, project delivery dates, and the actual competing spaces.
A UK comparison shows why geography changes the outlook
The U.S. picture should not be generalized to other countries. CBRE’s UK outlook reports 8.0 million square feet of unlet office space under construction at the end of 2025 and projects that a scarcity of new prime space will contribute to rent growth. That is CBRE’s UK-specific projection, not a forecast for the United States or any individual city. It illustrates how a limited supply of desirable new buildings can put pressure on prime rents even as tenants in other locations or lower-quality assets retain negotiating leverage.
Frequently Asked Questions
Is office construction increasing across the U.S. in 2026?
The evidence cited here does not show a broad U.S. construction boom. CBRE reports that removals through demolition and conversion exceeded new completions in 2025 for the first time since its tracking began in 1988. Cushman & Wakefield reported 19.7 million square feet under construction in Q2 2026 and called the pipeline near a historic low. Local conditions can differ substantially.
Recommended Free Tools
Does more office construction automatically mean lower rent for tenants?
No. The cited reports support the possibility that more suitable competing space, elevated vacancy, or slower leasing can improve occupier leverage, but they do not establish a fixed discount or universal rent decline. The impact depends on the tenant’s submarket, timing, building quality, actual alternatives, and lease terms.
How can a tenant tell whether new construction will help its negotiation?
Check whether the project is in the tenant’s actual submarket, suits its location and building requirements, and will be available when needed. Compare it with existing alternatives, including their quality, amenities, availability, rent, quoted concessions, fit-out obligations, and lease terms. A national pipeline figure alone cannot establish that a project is a viable substitute.
Why can prime office space become more competitive while tenants still have leverage elsewhere?
Demand can concentrate in higher-quality, well-located buildings with sought-after amenities, while lesser-quality properties continue to have excess availability. CBRE describes this quality divide in the U.S. market. As a separate UK example, CBRE reports 8.0 million square feet of unlet office space under construction at the end of 2025 and projects rent pressure for prime space; that UK outlook is not a U.S. forecast.
The Bottom Line
For commercial tenants, rising construction matters only when it produces suitable, timely alternatives in the relevant local market. The U.S. evidence reviewed points to a small pipeline and a split between sought-after prime buildings and weaker assets—not a simple nationwide rent story. Compare submarkets, building quality, availability, delivery dates, and the full terms of actual lease offers before treating construction as leverage or a source of savings.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
