More office space is being removed than added for the first time in at least 25 years

This year, office conversions and demolitions will exceed new construction for the first time in at least 25 years. Simply put, more office space is being removed than added, shrinking the overall office footprint, according to exclusive new data from CBRE Group . In comparison, developers are projected to complete construction of 12.7 million square feet of office space in those same markets. "The office market will benefit as obsolete space is removed from the market in favor of the highest and best use. Developers also have another 85 million square feet of office space being readied for conversion in the next few years.