Despite More Companies Searching For New Space in March

According to the CBRE’s current monthly “Pulse of the U.S. Office Question,” corporate demand for office space has risen to its highest level since the start of the COVID-19 epidemic in March 2022, but actual rents have remained below pre-pandemic levels in many and 12 major markets for US offices.

To measure the pace of recovery, the CBRE Monthly Report monitors three key performance indicators in the U.S. office market 12: the tenant (TIM), which measures how much office space companies are actively seeking; rent the event in the form of concluded leases; and the existence of sublease space.

The global view of the indices shows the extent and dynamics of the recovery of the U.S. Office market. For each index, the percentage calculation is the same as at the pre-epidemic level in 2018 and 2019.

The March results of three CBRE competitors also show Boston’s leading recovery in 12 markets, as it has done since the explosion. Other indicators of progress in March include Dallas-Fort Worth and Los Angeles. Manhattan sent the award to Rent and TIM in March. The TIM event in Manhattan has been on the rise since the beginning of 2021, which changed in rental growth last month.

The entire recovery process fell from a different COVID-19 omicron in November 2021.

The US TIM index was recorded 91 times in March, which is two points higher than last month. The number of markets sending higher-than-pre-epidemic TIM indices rose to four in March from three months ago, when Manhattan (105) joined Houston (130), Boston (127), and Dallas-Fort Worth (110) boka. Overall, TIM indices have risen or remained stable in eight of the 12 markets.

The leasing yield index fell by 15 points to 75 points in March, indicating a decline in yields in 12 markets in ten. In March, only Manhattan (up to 11 points to 68 points) and Houston (up to six points out of 58 points) submitted prizes.

The Sublux Availability Index rose three points to 199 in March, still below its peak of 206 in June 2021. Six markets were registered in March: Houston, Washington, Denver, Atlanta, Philadelphia, and Seattle. Three (Boston, Dallas-Fort Worth, and San Francisco) fell further. And the other three (Los Angeles, Chicago, and Manhattan) held on.

“There will be a lot of impact on the office market earlier this year, which could lead to inaction,” said Julie Whelan, CBRE’s global head of employment research. “We see a lot of evidence from our survey and customer interviews that many companies are gradually returning to work this year’s benchmark. By doing so, companies will be able to find out more about their office needs, which in turn will help them work.”

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