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【World Property Journal】Major U.S. Metros Added 682 Million Feet of Office Space Over Last Decade

【World Property Journal】Major U.S. Metros Added 682 Million Feet of Office Space Over Last Decade

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According to real estate data provider Yardi Matrix, regionally across the U.S., the areas of growth were relatively distinct. Urban areas in the Pacific Northwest grew by nearly 32%, adding a total 112 properties and 19.8 million square feet. The Midwestern urban areas added 192 properties and 21.6 million square feet--an increase of 18.5% in the last decade.

Yardi further reports in great detail urban areas of the Northeast region--which includes Philadelphia, New York City, and Boston--grew by 16.5%. This is surprising given how dense these cities already are and represents more than 55 million square feet across 290 properties. What's more, this designation doesn't even consider the central business districts, which collectively grew by 5.3% for an additional 24 million square feet.

Also, no region added more square footage than the Northeast--at 130.5 million. The Southwest region added more than 108 million square feet of office space in the last 10 years, but in contrast to the Northeast, a full three-quarters of the added square footage was in suburban locations. This relationship makes a lot of sense given the composition of these two regions--with dense cities like New York City and Boston in the northeast and the sprawling suburbs of Dallas-Fort Worth and Houston in the southwest; similar to Los Angeles and Orange County in southern California, says Yardi Matrix.
 

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