The 2010s are over prompting CommercialCafé to look back at the evolution of office markets across the U.S. from 2010 to 2019 using data provided by Yardi Matrix.
Of particular interest was a look back at the top deals of the decade, the most active markets, the price per square foot changes, and the biggest office completions.
Top takeaways from the report, and the past 10 years, include:
- Office prices in New Jersey fluctuated but ended at $150 per-square-foot, marking a 41 percent increase from $107 in 2010;
- The highest single-building deal in New Jersey was the sale of the Verizon Operations Headquarters by Verizon to Mesirow Financial in 2015 for $650 million;
- The largest office property built was the 762,000-square-foot Novo Nordisk U.S. headquarters in Plainsboro, completed in 2013;
- In 2019, for the first time in the past decade, national office construction in urban cores outpaced that of the suburbs; and
- Nationally, the office sales volume settled after peaking in 2015, while prices continued to rise. The national price-per-square-foot started the decade off at $211 and ended at $291.