Much has been written about the ongoing challenges facing the office sector as a result of COVID-19, but the first quarter of 2021 has represented an inflection point for the asset class, as companies begin to actualize plans for a return to physical work.
A new report from Crexi shows that investors looking for office deals were 25% more active on the firm's marketplace in Q1 than in the previous quarter. And tenant leasing activity picked up 42.9% over the same period, with office attracting the second most amount of overall buyer attention behind retail properties.
The average asking price for office assets on Crexi grew for the third consecutive quarter and showed a 5.13% gain over Q4 numbers. Occupancy levels also ticked up slowly, with 2.16% growth over the previous quarter but with rates still far below pre-pandemic levels.
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