If a city is seeing a faster downtown office recovery, two things are usually happening. First, local employers are requiring employees to come back into the office. Then, cities are seeing strong growth in job listings, says the VTS Office Demand Index (VODI) monthly report.
Increasingly, these factors are in play across even the largest hard-hit metro areas.
New York (98% recovered), Los Angeles (99% recovered), and Chicago (83% recovered) lead the nation's office recovery, with New York and Los Angeles now essentially back at their 2018 and 2019 average demand velocity. New York, Los Angeles and Chicago have job postings 21.0%, 27.0% and 29.2% above their pre-pandemic levels.
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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.
