March 29, 2016 Comments Off on Construction Activity Grows Slowly in 2016 Views: 654 California News, National News

Construction Activity Grows Slowly in 2016

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JLL’s U.S. Construction Outlook reports that construction activity is expected to grow this year, but at a slower rate than 2015 which was a banner year for post-recession construction activity.

  • Office completions are near pre-recession numbers as projects started in 2014 come to market, with more expected to deliver in 2016.
  • Primary tech markets, such as San Francisco and Silicon Valley, are experiencing some of the highest construction costs nationally.
  • Declining energy prices began to negatively impact construction at the end of 2015. That was especially pronounced in markets such as Houston, while sublease space reached record highs.
  • Renovation activity reached new highs in 2015, as companies created sustainable office developments geared to attract and retain a millennial workforce, as well as achieve corporate social responsibility initiatives.

Read More at JLL Research

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