Office Demand Recovers in NYC, Other Key Markets as 2021 Progresses
A year after the pandemic began, demand for office space in the country’s largest markets is approaching pre-COVID levels, and recovery is looming for several markets, VTS reported. As a case in point, demand in VTS hometown New York City is up 120% compared to the beginning of 2021.
February was the first month since October 2020 in which demand grew in all of the core markets tracked by the VTS Office Demand Index. Monthly growth rates in February were the strongest in New York City, Seattle and Washington, DC.
“While we saw some growth in demand in the back half of 2020, the exponential increase in the first two months of 2021, combination with the announcement from the Biden Administration that all Americans will be eligible for the vaccine by May 1, 2021, is providing confidence that a meaningful recovery is on the horizon,” said VTS CEO Nick Romito.
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).
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