VTS Office Demand Index: January 2021 Market Trends Report

Get the earliest available indicator of upcoming office leases and tenant sentiment, nationally and locally, in the VTS Office Demand Index (VODI) – a free, monthly resource from VTS.

The VODI represents 99% of new demand for office space in 7 markets – New York City, Washington D.C., Los Angeles, Chicago, Boston, Seattle, and San Francisco – and indicates behavior more than one year in advance of a lease hitting the market, and ahead of official employment figures.

Download the January 2021 VTS Office Demand Index Report

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Key Takeaways

  • After some upward momentum in the summer, national tenant demand fell off in Q4 2020, finishing off the year at just under a third of pre-COVID-19 levels.
  • Los Angeles continues to be a bright spot in office leasing activity and is currently only down 38% from pre-crisis demand levels.
  • D.C. and Seattle, markets which had seen a recovery in demand, have sharply declined, with Seattle now measuring the farthest from pre-pandemic demand, despite having the highest level of office-using employment.
  • New York City office demand continues to experience a pronounced flight to quality with tours in premium office spaces taking up a significantly larger share of demand than pre-crisis.

LIVE WEBINAR

Wednesday, February 17, 1PM EST // 10AM PST // 6PM GMT

COVID-19 in 2021: Priorities & Predictions for CRE Execs

What are CRE executives doing this year to prepare for demand recovery post-pandemic? Join Brian Kingston, Chief Executive, Brookfield Property Group and VTS CEO Nick Romito for a frank conversation about the state of the industry and what’s required to come out of this crisis on top.

Download the VTS Office Demand Index Report

Download the VTS Office Demand Index Report

 

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