An article in Globe St this month showed significant improvement in US demand for office space. The national VTS Office Demand Index (VODI), which tracks in-person and virtual tenant tours of office properties, showed strong increases in January and February and is now 38% lower than it was just before the pandemic – a significant improvement on the position in May 2020 when it was 85% down on pre-pandemic levels.
It was also encouraging that February also saw the first month since October 2020 where demand increased in all office markets tracked by VODI, with New York City, Seattle and Washington D.C. leading the growth.