Despite intensifying uncertainty around the Omicron variant, demand for US office markets were stable in November, with metrics showing minimal changes from the prior months' recovery. 

"It's rare that a draw can be considered a win, but that is the case with November office-leasing activity in these top 12 markets," said Nicole LaRusso, CBRE Director of Research & Analysis and lead author of the firm's monthly Pulse of US Office Demand report. "Uncertainty typically hampers leasing activity. But, with two of our indices showing only tiny losses and the third holding steady, it appears that companies remain focused on their long-term needs for office space."   CBRE's monthly report tracks three leading indicators of office market activity in the top 12 US office markets: tenants-in-the-market (TIM); leasing activity (as expressed through finalized lease agreements); and the availability of sublease space.

Boston once again nabbed the top spot among the 12 markets CBRE tracks, with tenants-in-the-market activity 23% higher than pre-COVID levels. Leasing activity in the region is more than twice pre-crisis numbers.