After a nine-month surge in demand for office space in 2021, which defied typical seasonal patterns, new demand receded significantly in September.
Down 17 percent from August to September, the seven-city VTS Office Demand Index (VODI) is now 28 percent lower than it was, on average, in the years leading up to the pandemic.
The VODI tracks unique new tenant tour requirements, both in-person and virtual, of office properties in core U.S. markets, and is the earliest available indicator of upcoming office leasing activity, as well as the only commercial real estate index to explicitly track new tenant demand.
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