Cushman & Wakefield has waded into the debate about office tour activity and what it foretells for this asset class in a recent brief. There are a number of different data points on this metric, with each provider interpreting the meaning differently.
Let's start with C&W. It found that tour activity was on the rise this spring, nearly tripling in the first quarter and continuing through August. But in September, tours declined, which Cushman experts say is in line with historical seasonal trends from 2018 and 2019 in particular.
VTS reported similar findings with its index earlier this month but its conclusion was more dire. It found that 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.
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