The latest VTS Office Demand Index (VODI) revealed that Seattle and Chicago were exceptions to the rule, with five of the seven major markets tracked in the VODI experiencing double-digit monthly increases in new office demand during March. However, Seattle only managed a 6.5% increase while Chicago’s was 3.8%.
San Francisco saw the largest monthly percentage increase; however, its VODI was tied with Seattle’s for lowest at 49. Among markets that gained year-over-year both percentage and VODI points, Seattle had smallest gains according to data from VTS .
Ryan Masiello – Chief Strategy Officer of VTS – commented on this phenomenon: “We are seeing East Coast vs West Coast office leasing market differences partially reflecting city job market performance. Layoffs and declines in job postings have hit tech sector particularly hard which has held back office demand in tech heavy metro areas such as San Francisco &Seattle.”
