Office leasing slowed for the second straight month in February as occupiers pressed pause on new commitments, according to CBRE.
But the firm notes that tenant requirements were unchanged for the month, suggesting "the decline in leasing may be temporary, and that leasing may pick up as omicron caseloads continue to rapidly decline," CBRE analysts note in a report breaking down its Pulse of US Office Demand research for the month.
The CBRE US Leasing Index posted its biggest monthly drop since the firm began tracking the data in March 2020, falling by 18 points month-over-month in February. The Leasing Index levels of 10 of the 12 markets the firm tracks fell in February, with the biggest declines in Seattle (-50 points), Atlanta (-39 points) and Denver (-21 points). Notably, Denver and Seattle remained among the top six markets for leasing activity.
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