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New Demand for Office Space Reaches 15-Month High
New demand for office space rose to a 15-month high in August and is up 235% year-over-year nationally, reflecting a strong recovery from last summer, according to the VTS Office Demand Index (VODI).
The VODI tracks unique tenant tours, both in-person and virtual, of office properties in core U.S. markets, and rose 3.6% from July to August. With the exception of July, when it fell 1.2%, the national VODI has risen each month in 2021 since the most recent trough last December. Seattle and Chicago are now above their pre-pandemic levels, says VTS.
“When the pandemic first hit and the world came to a halt, there was a clear correlation between rising COVID-19 cases and falling demand for office space–as cases went up, demand went down,” said VTS CEO Nick Romito. “Now, even as cases have risen exponentially over the past few months due to the delta variant, we’re not seeing the same correlation.”
- ◦Lease
