Thin U.S. office construction pipeline narrows tenant options
NMRK•A thin U.S. office construction pipeline could narrow tenant options and support rent growth where newer-building availability is low. Newer-building asking rents exceeded the market average by 53% in Q3 2026, up from 37% in Q1 2020.
1. Limited new office supply
A thin construction pipeline could help existing office space lease up in markets with elevated availability, reducing tenant alternatives over time. Newer-building asking rents were 53% above the market average in Q3 2026, compared with 37% in Q1 2020, and that premium could widen. Tenants with leases expiring in 2028-2030 should consider local availability, demand and scheduled deliveries; targeted upgrades may help existing Class A buildings compete where top-tier availability is low.
