According to the latest VTS Office Demand Index (VODI) report, New York City has seen a significant increase in demand for office space. In August 2022, the VODI was at 44 and by March 2024 it had nearly doubled to reach 86. While there has been a slight decline since then with October’s index at 61, it still remains higher than all other markets except Los Angeles.
VTS stated that New York City stands out as an exception in America’s urban landscape due to its dense and bustling environment. It has been leading the way in transitioning from remote work back into physical office attendance even as the market takes a breather.
Similarly, Los Angeles also experienced a sharp rise in demand with its VODI increasing from 45 in February of last year to reach an impressive high of101in April this year. Although there has been some decrease since then with October’s index at80,it still maintains its position as having the highest level among all other VODI markets.
The only other market that saw an annual decline was Washington D.C., making NYC and LA stand out even more for their strong performance during these challenging times.The post concludes by stating that according to VTS data,NYC continues to lead most markets when it comes tonewoffice demand.
