It was the best of times—at least in the last six months—it was, well, okay but not exciting. Call it a tale of two market reports.
VTS released its monthly Office Demand Index and said, "New demand for office space surged by 20 percent nationally in March, ending a five-month stretch of stagnation," with "all but one core office markets [having seen] new demand for office space increase in March, in line with those markets' specific seasonal trends."
The current state of the company's index—a measure of annual activity relative to a pre-pandemic average baseline figure interpreted as 100—is 66. That's a year-over-year increase of 8.2% but still only two-thirds of what demand used to be. Compare it to March in either 2019 or 2019 and the current measure is only 60% of how things used to be.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 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.
