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
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.
