North American office development viability remains low until early 2030s, Cushman & Wakefield says
CWK•Cushman & Wakefield projects North American office rents will remain below the level needed for profitable new development until the early 2030s. Average rents reached $77.03 per square foot in 2026, about 6% below the required level.
1. Development outlook
Cushman & Wakefield projects North American office rents will remain below the level needed to make new development profitable until the early 2030s. Average market rents reached $77.03 per square foot in 2026, about 6% below that threshold. New York was an exception, with rents of $156.64 per square foot, nearly 60% above its $98.69 threshold. Boston and San Francisco are projected to reach development viability in 2029, with Chicago expected to follow in 2032. Globally, 580 million square feet of office space was under construction in the third quarter of 2026, down 45% from its 2017 peak.
