Office construction is continuing to decline as developers find it hard to break ground on projects without large preleases. 
At the end of the first quarter, the 14 leading office markets had a combined 20.7M SF under construction, down from 24.8M SF at the end of 2024 as completions outpaced new starts during the quarter, according to Colliers.
Almost half of the under-construction pipeline is expected to complete this year, with another 7M SF expected to deliver in 2026. 
Only three projects broke ground in the first quarter of 2025, according to Colliers: two in South Florida and one in Chicago. 
South Florida, Dallas And Manhattan were…