Demand for office space has increased over the first half of this year but remains below pre-pandemic levels, according to Savills Research & Data Services' State of the U.S. Office Market Report for the second quarter.
Office utilization continues to face challenges as hybrid work has become the new norm across industries and geographies. Miami and Manhattan lead the country's return-to-office rates, followed by Atlanta and Dallas, the report said.
Many companies have instituted stricter in-office expectations, but slowing employment growth could become a factor during the rest of the year. Growth in office-using sector employment has slowed year-over-year, particularly in business and professional services, financial, manufacturing and information. Despite this, office-using jobs remains higher than before the pandemic, the report said.
Continue Reading for Free
Register and gain access to:
- 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
© 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.