More office space is being removed than added for the first time in at least 25 years
1. U.S. office market sees more demolitions than new constructions this year. 2. 23.3 million square feet slated for demolition or conversion; 12.7 million added. 3. Net absorption has been positive after six negative quarters. 4. Demand for office space stabilizes, benefiting major REITs like Alexandria. 5. 85 million square feet of office space ready for conversion in upcoming years.