Office Demand 47.1% Lower Than Pre-Pandemic: Tracker
February demand for commercial office space was down 47.1% from February 2020, the last month before the World Health Organization declared COVID-19 a global pandemic, said real estate analytics company VTS Wednesday. Office space demand has had fits and starts”…
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throughout the two-year pandemic, peaking at 87% of “normal” in the summer of 2021 after “bottoming out” at 16% in June 2020, it said. The company tracks “unique new tenant tour requirements,” both in person and virtual, of office properties in core U.S. markets, and is an “indicator of upcoming office leasing activity,” it said.