Top 5 Office Deliveries Nationwide

Year-to-date through early November, 395 office projects totaling 65 million square feet came online across the nation, according to CommercialEdge data. Office deliveries were nearly on par with the figures recorded in the same period last year, when 66.9 million square feet of office space was completed. As of November, 880 office projects totaling some 211 million square feet were under construction.

Developers kept busy in San Francisco, where more than 4.6 million square feet came online year-to-date in November. Atlanta followed closely with 4.2 million square feet, while office deliveries amounted to 4 million square feet in Charlotte. The list below highlights the largest office projects completed between January and October 2021, based on CommercialEdge data.

5. The BEAT, Boston

One of the largest office deliveries in the nation year-to-date through early November was The BEAT, a 725,000-square-foot building at 135 Morrissey Blvd. in South Boston. Nordblom Co. and Alcion Ventures started redeveloping the former Boston Globe headquarters in June 2019, completing the work nearly two years later. In October, Beacon Capital Partners acquired the three-story property for $363 million. Designed by Stantec toward life science and high-tech manufacturing tenants, the project includes creative office and laboratory space. The property also includes retail space, home to a microbrewery with an outdoor beer garden.

Development activity in Boston has been tempered this year through early November. Developers have added less than 1.9 million square feet of office space. While construction activity continued on 41 projects totaling 16 million square feet, only a little more than 2.3 million square feet is expected to deliver by year-end.

4. Ally Charlotte Center, Charlotte

Ally Charlotte Center. Rendering courtesy of Crescent Communities

In May, Crescent Communities wrapped up work on Ally Charlotte Center, a 786,155-square-foot building located at 601 S. Tryon St. in downtown Charlotte, N.C. The property encompasses 756,521 square feet of office and nearly 30,000 square feet of retail space across a full city block and is anchored by Ally Financial, which leased 400,000 square feet for its newest corporate center.

The metro continues to perform well in terms of office completions, as deliveries in Charlotte encompassed more than 4 million square feet of space year-to-date in early November. More than 6.1 million square feet was underway in the market, with 1.2 million square feet estimated for delivery by the end of December.

3. Nike World Headquarters – Serena Williams Building, Beaverton, Ore.

Nike World Headquarters expansion. Rendering courtesy of Skylab Architecture

Third on our list is the Serena Williams Building, a 1 million-square-foot asset with a 762,000-square-foot office component located within Nike’s World Headquarters in Beaverton, Ore. Completed in May, the property occupies three city blocks and includes a 1,400-stall parking garage as well as 238,000 square feet of auxiliary space.

As of early November, office deliveries in Portland encompassed more than 1.5 million square feet. Seven properties totaling 2.2 million square feet were underway in the metro as of November, with a 108,000-square-foot property—PGE Integrated Operations Center in Tualatin, Ore.—scheduled for delivery by year-end.

2. 715 P Street, Sacramento

715 P Street

The second-largest delivery on the list is 715 P Street, an 838,000-square-foot office building in downtown Sacramento, Calif. California Department of General Services started work on the 22-story asset in September 2018 and completed it three years later. The building houses 3,500 state employees, serving as the new headquarters for the Natural Resources Agency. It also encompasses 10,000 square feet of ground-floor retail, a multi-vendor food court and a pedestrian plaza.

More than 1.2 million square feet of office space came online in Sacramento year-to-date in early November. Five properties comprising 2 million square feet were under construction in the metro, with 600,000 square feet expected to deliver by the end of 2021.

1.State Farm at Park Center – Buildings 2 & 3, Atlanta

Phase II of State Farm at Park Center. Image courtesy of KDC

The completion of Buildings 2 & 3 within State Farm at Park Center in Atlanta marked the largest office delivery in the first 10 months of the year. Situated at 1111 Hammond Drive in the market’s Central Perimeter submarket, the property includes 1.7 million square feet of office space. State Farm Insurance completed this second phase of its campus at the beginning of the year.

The metro has added 4.2 million square feet of office space to its inventory so far this year. Nearly the same amount—4.4 million square feet—was under construction in the market as of November, with close to 1 million square feet expected to come online by the end of December.