The narrative around workers abandoning cities and urban cores as the COVID-19 pandemic shook the US economy was exaggerated, according to a new analysis from Cushman & Wakefield. 

Migration occurred, to be sure, but "the data does not support a mass exodus of companies from urban cores and city centers," writes David Smith, head of Occupier Insights, Global Research at Cushman & Wakefield.  "While leasing is down everywhere, the CBD continues to be a desirable location for occupiers attracting and retaining knowledge economy talent."

The drop in CBD leasing during the pandemic can be attributed to the fact that CBDs were more impacted by the pandemic versus suburban locations, Smith says.  CBS leasing is currently in the range of 39.3%, which is "well within historical norms." Consider the first quarter of 2018, for example: the share of CBD leasing was essentially the same, at 39.5%.