Office Demand Stabilizing at About Half of Pre-Pandemic Levels
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With stabilization of demand in place, stabilization of rents at a lower basis point are in sight.
Office Demand Stabilizing at About Half of Pre-Pandemic Levels
Office Demand Stabilizing at About Half of Pre-Pandemic Levels | GlobeSt
globest.com
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Signs of stabilization in Tampa office utilization https://lnkd.in/dbtd9YDT Since 2019, North Florida's office markets have seen a recovery rate of 55.9%, just below the U.S. average of 61.9%. While there’s been a slight 1.2% YoY decrease in utilization, Mondays and Tuesdays are proving more popular – with office attendance growing by 16.2% and 2.4% respectively. #Tampa #Office #AYdifference
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Last month showed signs of the office recovery needle starting to move again. Here's where it stands today: 📌 In March 2024, nationwide office visits were just 32.7% below March 2019 levels – and higher than nearly every other month since COVID. 📌 Miami and New York held onto their regional post-pandemic recovery leads, with impressively small respective visit gaps (compared to March 2019) of 14.1% and 17.2%. 📌 Though San Francisco still had the biggest visit gap versus Pre-COVID (~50.0%), the city continued to lead other major hubs in year-over-year (YoY) office visit growth – perhaps reflecting the upswing in demand for office space that has observers bullish about local market prospects. Full report linked in the comments. #office #data #analysis
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Very good data points to battle the notion that Chicago is just average or below average in the Return-to-Work performance amongst other large U.S. cities. I prefer that our peak days are very high versus having average numbers spread throughout the week. This means Chicagoans are during the same days in the office.
Some good Chicago news - latest office occupancy data shows we are #1 of big cities on return to office (71% on peak days) based on Kastle Systems swipe data. Big spread between in-office on mid-week vs Fridays which is not surprising.
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National office demand continues to trend upwards
Active office requirements continue to climb upwards
us.jll.com
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Major breakthroughs are emerging once again in the office recovery arena. These include: → Office visits nationwide last month broke a new post-pandemic record, with visits down just 29.4% compared to June 2019. → Miami and New York continued to lead the post-pandemic office recovery pack– while Atlanta and Boston led in year-over-year (YoY) office recovery. → Houston, still reeling from May’s storms, experienced more severe weather in June – likely contributing to the city’s YoY drop in office visits. → Atlanta and Boston, on the other hand, experienced their busiest in-office month since the pandemic – with respective June 2024 YoY visit increases of 10.0% and 10.7% → San Francisco, meanwhile, surrendered its YoY visit growth lead, even as the San Francisco Federal Reserve president urged tech companies to tighten their in-office policies. 🏢 Check out our new Office Index for the full report. Link below in the comments. #office #commercialrealestate #business
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Amid the cultural and economic shifts of the last few years, we are experiencing the fallout of a total Office Apocalypse, and the implications for office tenants are substantial. Here’s a look into how remote capability, high vacancy rates, dropping property values, and high interest rates each play a crucial role in the evolution of how we perceive, utilize, and invest in the offices of the future >> bit.ly/48ibLbh TenantReps Lic. N. 01480817 #TenantReps #CRE #CREInsights #CommercialOfficeSpace #OfficeRealEstate #FutureOfOfficeSpace #OfficeBuildings #CommercialOffice
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June was a watershed moment for post-pandemic office attendance. The national average for office attendance was down only 29.4% compared to June 2019, the highest post-pandemic recovery rate yet. Learn more: #businesstrends #officerealestate
The return to the office just hit a big milestone. It may just be the start. - Washington Business Journal
bizjournals.com
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The surge in tenanted office space raises a question: what drove this increase? Morgan McGilvray, Senior Director for Occupier Strategy & Solutions, says that despite declining demand, the steady influx of office supply persisted, propelling vacancy rates from 5% to 30%. Get the data and read the full insights here: https://lnkd.in/g89Y44eD Check property listings at https://lnkd.in/dE4H_nfP #YourPartnersinProperty #SantosKnightFrank #KnightFrank #Q1OfficeUpdate
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As Denver acclimates to the current office landscape, certain industries, such as transportation and business services, have seen the highest office utilization rates! Read about how other industries stack up in our latest data bite:
Denver industries with an increase in busyness
avisonyoung.us
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