April marked the fourth month of recovery as the office market inched closer to its pre-pandemic benchmark, according to the VTS Office Demand Index (VODI).
The VODI, which tracks in-person and virtual tours of office properties across, is currently at 85, with demand for office space nationally at 15% of the pre-pandemic benchmark. VTS now defines the benchmark at 100, which is the average VODI, or rate of demand. Since January, demand for office space is up 117.9% nationally.
Seasonal demand in March and April helped drive growth—in addition to the recovery from the pandemic—but activity often slows after that. Still, VTS says it is uncertain if seasonality will play out as it has in recent years with attractive lease terms and pent-up demand likely to fuel a continued surge in demand for office space through late spring.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
