In 2024, the office sector saw significant changes with high vacancy rates and minimal increases in office utilization. Nationally, office space under construction decreased to 57.8 million square feet, down by 39 million from 2023. In the Western U.S., the office pipeline dropped to 694,266 square feet from 1.6 million in 2023. Notable developments included Phoenix with 373,247 square feet and Denver with 200,000 square feet, while Salt Lake City and Boise reported minimal activity, indicating a slowdown in office development.
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