At least one tracker of office-market demand in major U.S. markets shows an improvement in March, after five months of stagnation.
VTS Inc.’s VTS Office Demand Index, or VODI, grew 20% in March, with all but one of the core U.S. office markets, Seattle, seeing new demand for office space increase. The VODI in March was 66, with a score of 100 representing typical pre-pandemic levels of demand.
The VODI measures unique-tenant tour requirements across 12 billion square feet of office space the company, which operates a leasing and asset-management platform, has insight into.
Eli Gilbert, head of market research at VTS, said the improvement in March is following seasonal trends. The Omicron variant likely impacted activity in the first two months of the year, which also tend to be somewhat slower months for the office market.
While the Covid-19 pandemic isn’t over, there’s a growing disconnect between it and the broader office market. In 2021, for example, the VODI tended to rise and fall based on surges in case counts, such as the spread of the Delta variant in the summer of 2021, for example.
*Article courtesy of Philadelphia Business Journal
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