Office Availability on Track for NONE by Year End 2028

By Gregg Metcalf

The numbers are clear: office space in the development pipeline is vanishing. Today, 11.1 million square feet remain available. But at the current absorption rate, 2.9 million square feet of office space leasing per year, office availability could shrink to a mere 98,341 square feet by the end of 2028. That’s not a typo—less than 100,000 square feet across all active projects.

The chart above is for office space specifically. For companies evaluating future office needs, this trend signals a pressing reality: premium, well-located office space is becoming a scarce commodity.

Why Office Availability is Declining

New construction isn't keeping pace with demand.

While some high-performing submarkets—such as downtown Washington, DC, where Boston Properties just announced a 320,000-square-foot project—are still seeing select groundbreakings, these are exceptions, not the norm.

Office investment sales, a leading indicator of future development, have yet to rebound in a meaningful way.

Outdated Office Buildings being converted to Multifamily Due to modern office requirements and demant for space, design, and location, many office buildings are best suited for conversions for other use, usually multifamily residential.

Many developers are staying on the sidelines. Rising interest rates and cautious capital markets are resulting in investors holding back.

The office supply pipeline is tightening, and forward-thinking companies are doubling down before it's too late, securing high-quality office space as a tool for talent retention, collaboration, and brand positioning.

What It Means for CFOs, CEOs, and Heads of Real Estate

For corporate occupiers, particularly those focused on Class A office space, this shrinking pipeline brings three key takeaways:

Lease negotiations will become more competitive. The best spaces are going fast, and in some markets, the leverage tenants have enjoyed in recent years is starting to shift back toward landlords.

Long-term planning is critical. If your lease expires in the next 3–5 years, start evaluating options now. Waiting until the last minute could mean limited choices and higher costs.

Getting the right strategy means getting ahead with ease. Competitive companies are committing to top-tier developments, and they're doing it early to secure premium locations, leaving others to scramble for what’s left.

The Bottom Line

Five years ago, the development pipeline had more than 65 million square feet of available space. Today, it’s a fraction of that.

The office market is evolving, and the next four years will separate companies that plan ahead from those left reacting to limited choices.

Business leaders are looking to align their office strategy with short-term and long-term goals, and they are putting the pieces in motion now—before options run out.

Inefficient office space with the wrong workplace design, disengaged employees, and poor workplace design cost companies millions each year. The right workspace strategy, however, can drive performance, attract top talent, and position your company for long-term success.

The way companies use office space is changing faster than ever. For decision-makers—CEOs, CFOs, and Heads of HR—the challenge is no longer just about securing an office lease; it’s about making strategic real estate decisions that enhance employee engagement, retain top talent, and maximize profitability.

How to Stay Ahead

Conduct a Needs Analysis to align your real estate strategy with your business objectives.

Secure and Optimize Office Location(s), Space(s), and Lease(s).

Maximize Profitability, Recruitment, and Retention

Having the right workplace strategy can mean the difference between having the competitive advantage for retention, recruitment, and profitability and settling for less, which can be costly.

Take the Next Step

Many companies lose millions of dollars due to lack of employee engagement, loss of top talent, and inefficient or unneeded office space.

Working with Gregg Metcalf, clients gain the insights, the analysis, and the plan to obtain the lease and office space that retains the best employees, attracts top talent, and maximizes productivity as well as profitability.

To Contact Gregg Metcalf:

email: gregg.metcalf@jll.com

mobile: 404.661.9284