Sustained increasing demand for office space across the country since late 2022 signals that the bottom of the market has passed, according to real estate technology platform VTS. Demand began ticking up in late 2022 and early 2023, and since then, a substantial period of stability and growth within the office market and supporting economic factors signal a rebound.

This determination is based on the VTS Office Demand Index (VODI), which tracks unique new tenant tour requirements of office properties in core U.S. markets. VODI provides an early indicator of upcoming office leasing activity.

The index shows that demand for office space has grown for over 12 months, ending the second quarter up 17 percent year-over-year and up 34 percent from the VODI bottom in December 2022.