While maybe it should be common sense, cities with jobs that are more remote work friendly have an office market that is recovering slower than cities with fewer such jobs.
Seattle, Boston, and San Francisco, which have the highest share of remote friendly jobs in the nation, have levels of demand down 39, 43 and 46% from their 2018-2019 average, respectively, according to the VTS Office Demand Index (VODI). Markets with fewer remote friendly jobs, Chicago, New York and Los Angeles, are only down 14 and 15 and 24% from their pre-pandemic values, respectively.
VODI, which tracks in-person and virtual tours, attributed the figures for remote-friendly job shares to a study by Apartment List and prior academic work.
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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.
