The pandemic has stunted office leasing activity across the country and put a cloud of uncertainty around future office usage—but there could be some hope ahead. New construction office projects have seen healthy leasing activity, according to Brian Michel, a partner at Allen Matkins.

While new construction projects are often in demand because they offer the highest quality and latest features, the currently leasing activity could be a sign that companies are looking ahead to a future with in-office work models. "As some of the larger companies begin to finalize their return to office models and plans, some tenants may prefer a little longer of a runway before needing to design and occupy their new office space, which makes new office developments even more attractive to those tenants," Michel tells GlobeSt.com.

Tech and entertainment companies as well as law firms are the most frequent office users to pre-lease office developments, which Michel says was also true before the pandemic. "These tenants are looking for first-class office developments, and despite the recent popularity of leasing office space in suburbs, we are also still seeing that desire to remain close to many of the same big city hubs and popular submarkets that we saw pre-pandemic," he says.