Led by New York City, April marked the fourth consecutive month when demand for office space nationally continued to recover, moving closer to the pre-pandemic benchmark, according to the VTS Office Demand Index. Currently, demand for office space nationally is 15% below the pre-pandemic benchmark and up 117.9% from January.
In April, all markets experienced a modest expected deceleration in demand growth with two markets, Washington, D.C. and Los Angeles, seeing demand for office space slightly pull back. However, VTS said the minor retraction is more indicative of typical monthly volatility than the beginning of a long-term trend.
“If it were any other year I would be telling you that demand for office space will absolutely pull back in late spring, but this is unlike any other year,” said VTS CEO Nick Romito. “I expect that it will take at least another six months before the market behaves in a typical manner.”
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).