
Office Demand Ticks Up as Signed Leases Tick Down in Major U.S. Markets
Many top U.S. office markets showed improved demand for new office leasing during October, CBRE reported Tuesday. However, the other two leading indicators tracked by CBRE’s monthly report—completed leasing transactions and sublease availability—weakened slightly last month, temporarily halting their positive momentum from previous months.
Boston continued to set the recovery’s pace in October, while office demand gained strength in the Atlanta market. Houston, Manhattan, Washington, DC, Denver and Seattle also showed improved market demand from September levels.
“The growth of tenants actively looking for space is a precursor of increased leasing to come,” said Nicole LaRusso, CBRE senior director of research & analysis. “Recent strong job growth should add further momentum to the office market, particularly as consumer and business confidence increases. Barring another Covid resurgence, the office market appears to be on firm footing heading into 2022.”
- ◦Lease