No one truly knows how remote or hybrid work will play out in the long run, so many employers are pausing major leasing decisions until they know more about their long-term plans about work culture.
As a result, new demand for office space continued to plateau in May, maintaining gains made in March, according to the VTS Office Demand Index (VODI).
These data marked the eighth consecutive month where demand for office space remained between half and two-thirds of the pre-pandemic normal rate of demand, according to the Index.
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