Demands For Office Space In Large U.S. Cities Begins To Rise
Ever since the Covid-19 pandemic, demand for office space dropped to staggering lows. With work-from-home orders and other government restrictions still in effect, many businesses have yet to settle back into their office spaces. However, some U.S cities are showing promising signs of a rise in interest in office space.
A report from the VTS Office Demand Index estimated the demand for office space dropped nearly 85% last year when the novel coronavirus essentially paused our daily lives. However, some cities, such as Seattle, New York, and Washington D.C. are showing a decline in the drop in interest. In other words, interest in office space is beginning to climb.
The national average, per the VTS Office Demand Index, estimates the overall national average for office space demand is only down 38%, as opposed to the whopping 85%. Also. Seattle is showing some promising signs, with an average drop of only 24%. New York is currently leading the fastest recovery rate for office space demand.
While it is still too early to tell, these signs may signal a potential rebound to the loss of commercial interest in office space. However, the rate at which the demand rises may show that there is some hope for recovery.