July 25, 2005—After several years of lackluster growth, the long-awaited recovery in the business sector has arrived, according to a survey in BOMA magazine. In 2004, office-using industries created a total of 627,000 new jobs and increased office construction starts by 12 percent to 160 million square feet, the survey found.
One of the more surprising aspects of the 2004 recovery in office space was the resturn of the high-rise building, defined as buildings in excess of 25 stories. In 2000, high-rise construction accounted for just three percent of total office construction. In 2004, that number had risen to six percent.
McGraw-Hill Construction and BOMA International have released a new Special Office Sector Study, A New Lease on Office Development, a 70-page analysis and forecast of the US office construction market. For more information, see the BOMA Web site.
