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CBRE Sees Leading Office Markets in Recovery Mode
Activity in the 12 largest U.S. office markets indicates that many have started their recovery from the pandemic-induced downturn, according to CBRE’s latest “Pulse of U.S. Office Demand” monthly report. CBRE’s analysis based on July’s activity identified Boston and Los Angeles as the markets farthest along in their recovery.
In the next tier of markets, Dallas-Fort Worth, Seattle and Washington, DC, have shown modest improvement. Another five markets have shown early signs of improvement: Houston, Atlanta, Manhattan, San Francisco and Denver.
“This data shows that office-market demand is beginning to turn the corner, though the recovery will be a slow one,” said Nicole LaRusso, CBRE senior director of research & analysis. “The indicators of demand tracked by these indices are the drivers of improvement in the overall market and ultimately will factor into improvement in broader measures such as occupancy and lease rates, which will be slower to recover.”
- ◦Lease
