There has been a surge of demand in tech hubs like Seattle, Boston, and San Francisco, according to a report from software and consulting firm VTS.
The company claims to see "99% of all newly created tenant requirements within the markets it serves." It publishes an index of market actions based on total square footage with 2018 to 2019 as the 100-value baseline. Numbers are smoothed using a three-month trailing average and it suppresses monthly data that is verified by fewer than four customer contacts.
The national index was down by 8.1% from the previous quarter, a change from 62 to 57, a decline that is "in line with normal seasonal trends." VTS says that because of inherent volatility, any change of less than 10 percentage points to be modest. The quarter was up 11.8% compared to the same period during the previous year.
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