In a recent Bisnow article titled “Ain’t No Heaven Till ’27’: Why Office Development Could Come Back Sooner Than Expected” by Jarred Schenke, industry leaders discussed how a shortage of top-tier office space could prompt a new wave of speculative development by 2027. Despite record high national office vacancy rates reaching 20.4 percent in early 2025 according to Moody’s, prime Class A buildings remain in demand, with vacancy below 15 percent and projected by CBRE to drop to 8.2 percent within two years.
Speaking at the National Association of Real Estate Editors (NAREE) convention, CBRE’s Julie Whelan and Granite Properties COO Greg Fuller noted that as supply tightens, developers may again find opportunities to launch new trophy office projects. Fuller described the current market turning point with the phrase “There ain’t no heaven till ’27,” suggesting that by then, speculative office construction could once again make financial sense for the best located and highest quality developments.
The article references Granite Properties’ 23Springs tower in Dallas, co-developed with Highwoods Properties and designed by GFF, as an example of a forward-thinking project that broke ground early and secured major leases with Bank OZK and Deloitte. Analysts including Avison Young’s Danny Mangru added that demand continues to favor trophy and Class A properties across major markets, with improving occupancy in more than 30 U.S. cities. These trends point toward the next phase of recovery for the national office market.
23Springs stands out as a beacon of confidence in Uptown, proving that well-designed, amenity-rich office space still has the power to attract tenants and energize the market.