It was the best of times—at least in the last six months—it was, well, okay but not exciting. Call it a tale of two market reports.
VTS released its monthly Office Demand Index and said, "New demand for office space surged by 20 percent nationally in March, ending a five-month stretch of stagnation," with "all but one core office markets [having seen] new demand for office space increase in March, in line with those markets' specific seasonal trends."
The current state of the company's index—a measure of annual activity relative to a pre-pandemic average baseline figure interpreted as 100—is 66. That's a year-over-year increase of 8.2% but still only two-thirds of what demand used to be. Compare it to March in either 2019 or 2019 and the current measure is only 60% of how things used to be.
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