New demand for office space fell for the second consecutive month in October to its lowest rate since the first quarter of 2021 suggesting that the initial post-vaccine surge of demand for office space has run its course.
Down 30% nationally since peaking August 2021, all seven markets analyzed by the VTS Office Demand Index (VODI) saw declining demand for office space over the two-month period.
Even before the emergence of the Omicron variant, it was clear that the office recovery had started to falter in the face of the ongoing recovery.
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