Real estate tech platform VTS reported that new employer demand for office space has been on a five-month drop and is now at 58% of normal, compared to the 87% level reached in August 2021.
Demand has fallen four out of the last five months, including a 5% drop in December. Demand had lifted 171.9% from January to August 2021. VTS does note that the increase may have been pent-up demand that finally ran out. Concerns about Covid-19 resurgence through variants then depressed additional activity.
On the positive side, VTS noted that December is usually under-performing and a 5% drop is less than might have otherwise been expected. Declines in December ran from 3% in Boston to 10% in New York City.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
