Top 10 Markets for Office Deliveries in 2025
Despite historically low construction activity, a small group of markets accounted for more than one-third of all U.S. completions, Yardi Matrix data shows.
At the end of 2025, office deliveries totaled 42.1 million square feet across 306 properties, according to the latest Yardi Matrix data. This marks the second consecutive year of falling completions and another historic low for the decade. The figure also represents a nearly 26 percent decline from 2024. A year prior, the sector recorded 56.6 million square feet coming online across 387 properties.
Construction starts also edged lower in 2025. The sector saw 20.4 million square feet across 230 projects—a 3.5 percent decline from the 21.2 million square feet that broke ground across 229 developments in 2024. The sector is reshaped by multiple market conditions, following years of sharp rises in vacancies and shifting tenant demand. Construction activity will likely continue to contract.
The nation’s top 10 markets for completions recorded a combined nearly 15 million square feet of new space added—a slower performance when compared to the 22 million square feet delivered by the same sample size a year prior.
The list below had 14.9 million square feet of completed office space, accounting for 35.4 percent of the total delivered space across the U.S. in 2025.
1. San Francisco
San Francisco emerged as the leading metro for 2025 office completions. Developers added 3.3 million square feet of new supply across 12 properties. The amount marked a 7.6 percent jump from a year prior, when San Francisco completions totaled approximately 3.1 million square feet across 16 properties.
A life-sciences driven market, San Francisco’s wave of deliveries stemmed from its earlier construction surge driven by lab space demand, as many of these completions included large properties in the works for quite some time.
The largest office completion was the 865,000-square-foot Phase II of Kilroy Oyster Point, a life sciences waterfront megaproject developed by Kilroy Realty. Construction began in 2021 on this three-building second phase, dubbed Gravitate. It topped out in 2024 and reached completion in March 2025. This phase represents a $940 million expansion of the Kilroy Oyster Point campus, a biotech hub set to total 4 million square feet across 12 properties.
Since 2025 saw a considerable amount of office space coming online, San Francisco’s under construction pipeline was significantly reduced. The metro started 2025 strong in terms of development activity, ranking among the leaders for office construction. By year end the pipeline shrank, as the metro had only seven developments underway in December 2025, totaling 1.4 million square feet.
As for construction starts, San Francisco office space had one of the smallest figures on our list. By year’s end, developers in the metro broke ground on only three projects, totaling 535,137 square feet. However, the square footage is notably higher year over year—a nearly 179 percent growth, specifically.
2. Boston
Boston developers added short of 3 million square feet of office space across 10 properties, at the end of 2025. This marked a massive decline—approximately 56 percent specifically—from 2024 deliveries, when there were 6.7 million square feet in new supply.
A notable project that came online last year include Lendlease’ FORUM, a 350,000-square-foot life science property in Boston’s Allston-Brighton neighborhood. The nine-story FORUM is the first purpose-built life sciences facility part of Boston Landing, a mixed-use neighborhood.
On the other hand, construction starts in the metro totaled 1.4 million square feet across five developments—a 35 percent increase when compared to a year prior, when there were three projects breaking ground, totaling 1 million square feet.
At the end of 2025, Boston’s pipeline comprised 5.1 million square feet of space, spread across 14 properties. This accounted for 9.6 percent of the total national under development pipeline.
3. Dallas
The third metro on the list is Dallas, where developers completed 2.6 million square feet of space across 19 properties in 2025. This represents a 9 percent drop from 2024 totals, when the metro added 2.9 million square feet across 21 office properties.
One of last year’s notable completions was 23Springs, a 641,563-square-foot mixed-use campus in Uptown Dallas. A joint venture between Granite Properties and Highwoods Properties opened the property in August 2025. The 26-story office tower at 2323 Cedar Springs Road is the tallest building in the Uptown area, as well as one of the metro’s largest additions in recent years. Construction started in 2022 and was funded by a $265 million construction loan issued by Bank OZK.
In terms of construction starts, Dallas had 1 million square feet across 16 properties kicking off throughout 2025. The square footage declined 14 percent from the figures from a year prior. At the end of 2024, there were 1.2 million square feet across 15 projects starting construction in the metro.
At the end of 2025, Dallas’ pipeline consisted of 2.6 million square feet across 21 developments underway. Throughout last year, the construction activity in the metro continued to shrink, mirroring national construction trends. However, Dallas continued to remain among the top metros for development activity.
4. San Diego
The next market on the list is San Diego, another life science hub. At the end of last year, office completions totaled approximately 2 million square feet across 11 properties. This represented an approximately 35 percent drop from 2024 completions. At the time, San Diego had approximately 3 million square feet across 14 completed properties.
A significant completion in the metro was the 690,000-square-foot first phase of Pacific Center, a life science campus in the city’s Sorrento Mesa neighborhood. Sterling Bay and Harrison Street officially opened the four-building component in May 2025. The first phase has been underway since 2023, funded by a $265 million loan issued by Bank OZK. The office and lab development’s second phase will include a 279,000-square-foot, six-story building.
At the end of 2025, San Diego’s office pipeline comprised 1.4 million square feet across eight projects. Throughout last year, the metro emerged as one of the most active pipelines in the U.S., despite the rise of lab vacancies and its high vacancy rate.
5. Austin
Austin’s 2025 deliveries represented a 28 percent decline from a year prior—2025 ended with 1.6 million square feet of completed space across 27 projects, while the metro had 2.2 million square feet across 22 properties delivered in 2024.
Notable completions include the 816,560-square-foot The Republic, an office tower in the city’s downtown. Lincoln Property Co. and DivcoWest broke ground in 2022 and delivered it in October 2025.
Construction starts also fell sharply. At the end of 2025, Austin’s developers broke ground on only 598,295 square feet—marking a 53 percent massive decline from the 1.3 million square feet recorded at the end of 2024.
However, the office pipeline in Austin held steady, as large projects sustain it. Austin had 2.2 million square feet across 21 projects underway at the end of 2025. Throughout last year, the metro emerged as one of the top markets for office development.
Among projects currently underway is the 703,000-square-foot high-rise Waterline. Developers Lincoln Property Co. and Kairoi Residential topped out in August 2025 the 74-story tower at 1,025 feet, making it the tallest building in Texas. It is funded by a $742.5 million construction loan and is expected to reach completion this year.
6. New Jersey
New Jersey’s office deliveries in 2025 included eight completed properties encompassing 1.3 million square feet. This is the only metro that recorded a massive wave of new supply on our list. Specifically, 2025 completions marked a 261 percent growth from 2024, when there were only 354,835 square feet delivered.
Among notable completions in the metro is a 229,000-square-foot medical outpatient building in New Brunswick, N.J. AST broke ground in 2021 and officially opened the property in March 2025. Dubbed Robert Wood Johnson University Hospital Ambulatory Medical Pavilion, the 15-story facility is fully leased by Robert Wood Johnson University Hospital.
The metro also had a notable increase in construction starts. Despite a nationwide decline in office development, New Jersey saw 1.1 million square feet of space breaking ground in 2025 across four projects. This represents a 710 percent jump in starts from 2024, when developers broke ground on only 133,298 square feet.
As for projects currently underway, New Jersey’s pipeline totaled 1.7 million square feet across six developments. One example is HELIX H-1, a 574,000-square-foot life science development underway at downtown New Brunswick, N.J. The project is the first phase of HELIX, also known as the Health + Life Science Exchange of New Jersey District, expected to total 1.5 million square feet of space.
7. Houston
Houston added 1.2 million square feet of completed space across 18 properties in 2025— marking a 26 percent year-over-year decline from the 1.6 million square feet across 16 completed office projects from 2024.
The metro led the nation in medical office inventory. As of June last year, Houston had 101.2 million square feet of medical office properties—accounting for 4.5 percent of the total medical office stock nationwide and underscoring continued demand in long-term health-care space.
One of the largest completions in Houston was Welltower’s 256,452-square-foot medical outpatient facility in Humble, Texas. Kelsey-Seybold Clinic occupies space at the five-story building.
The metro also had a significant amount of space underway. At the end of 2025, there were 2.7 million square feet of space across 25 projects—representing the second-largest pipeline on our list, after Boston’s.
One of Houston’s largest developments underway is the 600,000-square-foot Building 6 within the MD Anderson South Campus Research project. The University of Texas MD Anderson Cancer Center started construction on the project in 2023. This purpose-built facility is a $668 million extension of the Texas Medical Center’s Helix Park, a 5.4 million-square-foot campus. This medical office and lab property is set to come online this spring.
As for construction starts. Houston saw 1.6 million square feet breaking ground in 2025 across 19 projects. This represents only a 2.4 percent uptick in year-over-year growth, signaling steady demand in this metro, mirroring medical office real estate trends. For context, the metro’s 2024 construction starts comprised 16 projects totaling 1.6 million square feet.
8. Phoenix
At the end of 2025, there were only 654,858 square feet of completed office space in Phoenix. There was only a 1 percent increase from the deliveries recorded a year prior, when developers completed 646,629 square feet.
The office properties coming online in metro Phoenix had smaller footprints. The largest completion is the Building 3 at Gilbert Spectrum, totaling 120,294 square feet. SunCap property Group broke round in 2023, with the initial completion scheduled for 2024. The property is an expansion of the 64-acre Gilbert Spectrum campus in Gilbert, Ariz., and came online in October 2025.
Construction starts in 2025 followed a similar path. Developers broke ground on 784,947 square feet in Phoenix at the end of last year—a 2.2 percent uptick from a year prior, when new space starting construction totaled 767,944 square feet.
The under-construction pipeline in the metro comprised 910,630 square feet across 17 properties. A project underway in metro Phoenix is ASM America’s new campus at 18601 N. Scottsdale Road in Scottsdale, Ariz. Totaling 220,000 square feet, construction started in May 2025 and is expected to come online this year.
9. Orlando, Fla.
Deliveries in Orlando, Fla. included 596,713 square feet across 16 projects at the end of 2025—representing a nearly 17 percent drop from 2024. Back then, developers added 17 office properties totaling 717,187 square feet.
Another metro where tenant demand called for smaller office footprints, one of the largest completions totaled 187,000 square feet. Universal Studios Florida completed its new creative office campus in February 2025. The property serves as the creative hub for company’s design and development division.
In 2025, construction starts in Orlando comprised 441,255 square feet across 13 projects—a 28 percent year-over-year drop from the 2024 square footage. Back then, 14 developments broke ground in Orlando, totaling 612,930. Meanwhile, at the end of 2025, the metro’s pipeline included 607,472 square feet across 13 projects underway.
10. San Antonio, Texas
The last metro on our list is San Antonio, Texas. At the end of the year, completions totaled 321,337 square feet across nine properties. The figure represents a 58 percent decline from 2024 deliveries, when there were 756,324 square feet in completed projects.
San Antonio’s construction starts also dropped throughout 2025. There were 279,916 square feet across 11 new projects last year—an 11 percent drop from the 315,352 square feet of space commencing construction in 2024.
Development activity followed a similar path in the metro. As of December 2025, San Antonio developers had 10 properties underway, totaling 269,330 square feet.
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