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Boston saw the greatest gain in new demand for ofrfice space during March 2022, according to VTS

Office Space Demand Rebounds as Omicron Surge Recedes 

New demand for office space surged in March, up 20% from February and 8.2% year-over-year nationally, VTS reported. This comes after five months of stagnation in the VTS Office Demand Index due to compounding COVID-19 variants and remote work.  

Despite underperforming in February, office space demand is now two-thirds of its pre-pandemic average, up from just half in February, with the greatest gains in Boston and Washington, DC. March 2022’s growth likely indicates that concerns about the COVID-19 omicron surge eased enough for prospective tenants to tour office space closer to their typical seasonal pace. 

“Looking ahead, I expect that we’ll continue to see demand ebb and flow in a typical seasonal pattern, but to really get out of the prolonged period of depressed demand we have seen as of late, we’ll need to see demand exceed seasonal norms over the course of many months,” said Nick Romito, CEO of VTS.  

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About Paul Bubny

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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