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VTS: NYC Continues to Lead Most Markets in New Office Demand
New York City’s VTS Office Demand Index (VODI) has increased almost 100% from 44 in August 2022 to 86 in March 2024. Since March 2024, it has declined to 61 as of October but remains higher than all other VODI markets except Los Angeles, VTS reported.
“New York City and its massive dense urban setting is the exception in America’s urban landscape,” VTS said in its newest VODI report. “It has led the charge transitioning from the pandemic into renewed in-person office attendance even as the thawed office market takes a breather.”
In common with New York City, Los Angeles’ VODI increased sharply, from 45 in February 2023 to 101 in April 2024. Although it has since declined to 80, new space demand in Los Angeles continues to lead the pack with the highest level among VODI markets. Washington, DC is the only other VODI market with an annual decline.
- ◦Lease
