Demand for Office Space Remains Paused at Two-Thirds of Normal as Employers Hold Off on Office Space Decisions
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Taline Loschiavo
Material Internet marketing Supervisor, VTS
New demand from customers for office place ongoing to plateau in May perhaps, protecting gains designed in March, according to the VTS Office environment Desire Index (VODI).
Two decades right after COVID-19 introduced the business office market to a screeching halt, most pent-up need has been fatigued, and the VODI has stabilized all around two-thirds of its pre-pandemic level. The most important driver of this stagnation? Organizations surface to be keeping off on workplace room choices as they adapt to a shifting harmony of distant and on-internet site get the job done.
What is the VTS Workplace Desire Index (VODI)?
The VODI is the earliest accessible indicator of forthcoming office environment genuine estate trends, locally and nationally, and represents up to 99% of new need for office environment room in seven big markets, which include New York City, Washington DC, Los Angeles, Chicago, Boston, Seattle, and San Francisco. The VODI tracks tenant tours, equally in-individual and virtual, of workplace qualities throughout the nation, and is the only professional true estate index to track tenant demand from customers.
The VTS Business office Demand Index is driven by proprietary VTS Info, composed of aggregated and anonymized industrial true estate facts from the 12B+ sq. ft of assets managed on the VTS platform.
Get today’s industrial genuine estate industry tendencies in the newest VODI report:
- Which unique cities shifted from seasonal norms for office demand?
- Why marketplaces with a metropolitan occupational mix extra amenable to distant perform coincide with weaker VODI recoveries.
- How does VODI’s general performance in May well stack towards pre-pandemic decades?
Down load the full VTS Business Demand from customers Index June 2022 report now for in-depth insights into need restoration and thorough methodology.
Want to discover how to use the details in the VODI? The VTS Office environment Need Index is just a sliver of the insights available to you. VTS Facts is your competitive edge in today’s sector. Learn how to reinvent your financial investment method using energetic anonymized details from the $200B in leasing transactions. Benchmark your general performance towards the market place and continue to be aggressive in an at any time-modifying sector. Utilizing information only accessible on VTS, solve concerns about provide and demand, leasing effectiveness, and tenant exposure to unlock – and unblock – bargains. Understand more about VTS Facts below.
Keen to find out more about how pandemic has and will continue on to effects lengthy-expression current market dynamics of the office environment sector, specially as a lot of corporations carry on to undertake hybrid and get the job done-from-household versions? Examine our newest VTS Environmentally friendly Shoots Report here.
Read the formal push launch here.
Taline is a Information Promoting Supervisor at VTS.
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