Demand for office space dropped sharply across the US in the fourth quarter in every major market but Los Angeles and San Francisco, according to data released this week by the VTS Office Demand Index.
VTS research, which tracks both in person and virtual tenant tours of commercial office properties, showed that office leasing demand was down 61% year-over year, with a modest recovery this summer sandwiched between two steep dropoffs at the beginning of the pandemic and the end of the year. Demand reached a six-month peak in September, 43 index points, but dropped 26% in the fourth quarter to 32.
The national VODI in February 2020, right before the pandemic began, was 94.
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