Office Leasing Activity Increases But Remains Well Below Pre-Covid-19 Levels

Office leasing activity has shown signs of improvement in recent months, although it remains below pre-pandemic levels. According to VTS Inc., a commercial real estate leasing and asset-management platform, the VTS Office Demand Index (VODI) revealed a notable 19.6% year-over-year increase in new demand for office space between December 2022 and December 2023. This growth was particularly evident in the second half of 2023, with each of the last six months experiencing gains in new office-space demand compared to the same period in the previous year. However, despite these positive trends, the VODI stood at 55 at the end of 2023, indicating that office demand is still at approximately 55% of pre-pandemic levels.

*Article courtesy of New York Business Journal

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