Search
 
Analysis

COVID-19 No Longer Main Driver Of Office Demand

New demand was up 21% in January with San Francisco and Los Angeles rebounding most sharply.

By Lynn Pollack | February 25, 2021 at 07:19 AM

New demand for office space in core markets—measured by tenant tours of properties across the country—increased by 21%, or seven index points, in January 2021, a rate that’s on par with previous years but still smaller than it was pre-pandemic. But recent research by VTS shows that local COVID-19 caseloads are no longer the same demand driver they were.

The VTS Office Demand Index shows that office demand nationally was at 40 index points, as compared to 99 points year-over-year. By way of comparison, demand activity was at 100 in January 2018, a time that was relatively stable for office leasing.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.