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December 23, 2020
With working from home becoming more mainstream, data from CoStar Group, a commercial real estate firm, shows that office rents in New York and San Francisco are expected to lose steam. But not every city is facing a glut of empty offices. Some markets, from Miami, Florida to Columbus, Ohio, are actually expecting an increase in office rental prices in the new year.
Which US cities, then, will be leading with the most office growth in 2021?
Charlotte, North Carolina, which is known for its entrepreneurial vibe, is projected to lead in office rent growth at 2.9%, according to CoStar’s analysis (Charlotte is also home to headquarters for Bank of America and Lowe’s). Philadelphia comes in second, where its well-diversified market with major research universities and fast-growing companies in biotech and health is expected to support a 1.9% bump in rents. Limited construction in the area doesn’t hurt, either.