While shifting hybrid work patterns, rising interest rates, and overarching economic uncertainty continue to cloud the future of office use, new demand for office space regained some momentum in October.
According to the latest VTS Office Demand Index (VODI) analysis, new demand for office space rose for the second consecutive month, up 8.3 percent from a VODI of 48 in September to 52 in October. The cumulative 6-point increase from September and October has fully reversed the VODI’s August decline and brings the VODI back to its July 2022 level.
What is the VTS Office Demand Index (VODI)?
The VODI is the earliest available indicator of forthcoming office real estate trends, locally and nationally, and represents up to 99% of new demand for office space in seven major markets, including New York City, Washington DC, Los Angeles, Chicago, Boston, Seattle, and San Francisco. The VODI tracks tenant tours, both in-person and virtual, of office properties across the nation and is the only commercial real estate index to track tenant demand.
The VTS Office Demand Index is powered by proprietary VTS Data, composed of aggregated and anonymized commercial real estate data from the 12B+ square feet of assets managed on the VTS platform.
Get today’s commercial real estate market trends in the latest VODI report:
- Which market experienced its lowest VODI score on record?
- How does new demand for office space currently stack against October 2021, one full year later?
- Which market experienced double-digit growth in October?
Want to learn how to use the data in the VODI? The VTS Office Demand Index is just a sliver of the insights available to you. VTS Data is your competitive edge in today’s market. Learn how to reinvent your investment strategy using active anonymized data from the $200B in leasing transactions. Benchmark your performance against the market and stay competitive in an ever-changing industry. Using data, only available on VTS, resolve questions about supply and demand, leasing efficiency, and tenant exposure to unlock – and unblock – deals. Learn more about VTS Data here.
Eager to learn more about how the pandemic has and will continue to impact long-term market dynamics of the office sector, especially as many companies continue to adopt hybrid and work-from-home models? Check out the latest data from the VTS Green Shoots Report here.
Read the official press release here.
