GlobeSt: Suddenly, Demand is Booming for Office Space

One year into the pandemic, office lease demand is trending upward. Although remote work is the new normal, with the development of the Covid-19 vaccine, and safety measures in place in the workplace, many workers are ready venture back to the office.

This is a positive trend for brokers who have seen a large decrease in office leasing since March 2020. This trends shows that although remote work will continue to be the norm, the desire for the traditional office space is still desirable among companies, employers, and employees.

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.

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Photo Credit: Unsplash.com // Leon