National demand for office space surged in March, up 28% from February and 161% in the first quarter, and is now just 9% off pre-pandemic levels, VTS reported Wednesday. The firm’s hometown of New York City saw demand ratchet up 191% during Q1, and was one of only three markets to break the 100-point barrier in the latest VTS Office Demand Index.
Assuming national growth trends continue, demand in April is on-track to meet or exceed pre-pandemic levels. However, a potential fourth wave of COVID-19 combined with stalled growth of office-using employment could temper, but not stall, office demand growth.
“Whether it be due to suppressed demand or bargain prices in some areas, employers are running, not walking, to find office space for their employees,” said VTS CEO Nick Romito. “The turnaround has truly been remarkable and is a testament to the resiliency of our country in the face of disaster.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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