Opportunities Preloader

Please Wait.....

Report

North America Office Real Estate Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Market Report I 2023-01-23 I 120 Pages I Mordor Intelligence

The North American office real estate market is expected to register a CAGR of more than 4.5% during the forecast period.

The COVID-19 pandemic severely affected the office real estate market in North America due to restrictions and social distancing policies and the work from home culture. Now, the market is in the recovery phase but not up to the pre-pandemic levels. Furthermore, the growth of the sector is driven by increasing office space absorption, growth in leasing activities, construction of new office spaces, etc.

Furthermore, the United States is the major country in the North American office real estate market, which contributes more than 9.1 billion sq. ft of office inventory space in the suburban and downtown regions. Whereas, in the Canadian office market, growth was experienced in the Class A office market, with the highest rate of available inventory and absorption.

North America Office Real Estate Market Trends

Increasing Rental Prices of Office Spaces

The office market in North America received a hard hit by the pandemic. Now, the market is recovering as significant growth was observed in the office absorption rate in North America. Furthermore, rental prices for office spaces are also witnessing positive growth after the pandemic crisis.

In addition, rental growths are high in Class A office spaces. In the fourth quarter of 2021, the rent for US Class A office spaces was nearly USD 41.63 per square foot, which is 1.15 times higher than other class office spaces. Meanwhile, in Canada, Class A office space rent was CAD 23.62 per square foot in the third quarter of 2021.

The overall office space sector is witnessing a positive growth rate in the United States. The Northeast region is leading in rental growth in the country, with more than USD 44.16 per square foot in Q4 2021, a growth rate of 2% from the same quarter in 2020, followed by the West, South, and Midwest regions. Meanwhile, in Canada, Vancouver and Waterloo experienced rental growth of 12% and 11.1%, respectively.

Office Leasing Volume is Witnessing Significant Growth

Even though the office market was negatively impacted during the pandemic, it is recovering with significant growth in net office space absorptions, low vacancy rates, etc. Most of the office activities have been returning to pre-pandemic levels, which is supporting the increasing new leasing activity.

In the United States, occupiers are concentrating on long-term office space leases in the market. In addition, in Q4 2021, total office space leasing was 29% higher than the same quarter of 2020. Also, net absorption in Q4 2021 was 33% higher than the previous quarter and 75% above Q4 2020. Meanwhile, in Canada, the pre-leasing activity of under-construction projects experienced growth. In addition, more than 61% of downtown under-construction projects were pre-leased by the occupiers in Q4 2021, as well as 25% of suburban under-construction projects were pre-leased in Canada.

Furthermore, different sectors are driving the demand for leasing activity, which includes technology services, financial services, healthcare or life sciences, manufacturing, government, etc. Technology continues to be the top sector for leasing activity in the North American region, with more than 17% share in leasing activity, followed by financial services and healthcare.

North America Office Real Estate Market Competitor Analysis

The report covers the major players operating in the North American office real estate market. The market is fragmented, with large companies having advantages in terms of financial resources while small companies compete effectively by developing expertise in local markets. Some of the major companies include Hines, Turner Construction Company, JBG SMITH Properties, Brookfield Asset Management Inc., etc.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support

1 INTRODUCTION
1.1 Study Deliverables
1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Government Regulations and Initiatives
4.4 Supply Chain/Value Chain Analysis
4.5 Porter's Five Forces Analysis
4.6 Technological Innovations in the Office Real Estate Market
4.7 Impact of Remote Working on Space Demand
4.8 Insights into Key Office Real Estate Industry Metrics (Supply, Rentals, Prices, and Occupancy (%)/Vacancy (%))
4.9 Impact of COVID-19 on the Market

5 MARKET SEGMENTATION
5.1 Geography
5.1.1 United States
5.1.2 Canada
5.1.3 Mexico
5.2 Sector
5.2.1 Information Technology (IT and ITES)
5.2.2 Manufacturing
5.2.3 BFSI (Banking, Financial Services, and Insurance)
5.2.4 Consulting
5.2.5 Other Sectors

6 COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and Major Players)
6.2 Company Profiles
6.2.1 Hines
6.2.2 Turner Construction Company
6.2.3 JBG SMITH Properties
6.2.4 Brookfield Asset Management Inc.
6.2.5 Trammell Crow Company
6.2.6 BXP
6.2.7 Hensel Phelps
6.2.8 Gilbane
6.2.9 PCL Constructors Inc.
6.2.10 SHANNON WALTCHACK LLC
6.2.11 DPR Construction
6.2.12 HITT Contracting Inc.

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

8 APPENDIX

  • Not Sure / Need Reassuring
    • Confirm Content
      • Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:

        Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.

        Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.

        Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.

    • Sample Pages
      • With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.

        It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.

        To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Check for Alternatives
      • Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.

        To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.

  • Prices / Formats / Delivery
    • Prices
      • All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.

        Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Discounts
      • As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.

        Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.

        To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.

    • Available Currencies
      • Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.

        Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.

        To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.

    • Licenses
      • License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.

        If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.

    • Global Site License
      • The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.

        It is important to note that this may exclude Parent Companies or Subsidiaries.

        If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.

    • Formats
      • The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.

        If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.

    • Delivery
      • Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.

        Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.

        If a delay in delivery is expected you will be informed about it immediately.

    • Shipping Charges
      • As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.

        If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.

  • Ordering
    • By Credit Card
      • We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.

        Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.

        For more information on PayU please visit: https://www.payu.pl/en/about-us

    • By Money Transfer
      • If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.

        With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.

  • Security
    • Website security
      • We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.

        Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.

    • Credit Card Security
      • We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.

        PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.

PLEASE SELECT LICENSE
  • $4750.00
  • $5250.00
  • $6500.00
  • $8750.00
  • ADD TO BASKET
  • BUY NOW