One year after the COVID lockdowns began, demand for office space is finally approaching pre-pandemic levels.
The national VTS Office Demand Index (VODI), which tracks tenant tours, both in-person and virtual, of office properties across the nation, posted significant gains in January and February and is now 38% lower than it was just before the pandemic. By comparison, it was 85% below pre-pandemic levels last May.
In February, the national VODI grew 29%, increasing by 13 points to 58. "While we saw some growth in demand in the back half of 2020, the exponential increase in the first two months of 2021, combination with the announcement from the Biden Administration that all Americans will be eligible for the vaccine by May 1, 2021, is providing confidence that a meaningful recovery is on the horizon." VTS CEO Nick Romito said in a prepared statement.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
