Real estate tech platform VTS reported that new employer demand for office space has been on a five-month drop and is now at 58% of normal, compared to the 87% level reached in August 2021.
Demand has fallen four out of the last five months, including a 5% drop in December. Demand had lifted 171.9% from January to August 2021. VTS does note that the increase may have been pent-up demand that finally ran out. Concerns about Covid-19 resurgence through variants then depressed additional activity.
On the positive side, VTS noted that December is usually under-performing and a 5% drop is less than might have otherwise been expected. Declines in December ran from 3% in Boston to 10% in New York City.
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