Office Utilization Surges As Spring Emerges

Office space utilization spiked recently, according to separate metrics that track it, published by VTS and Kastle.

Demand for office space nationwide rose 31.3% from February to March, according to the latest VTS Office Demand Index.

The index, which ranks unique new tenant tour requirements, both in-person and virtual, of office properties in core U.S. markets, jumped 15 points to 63 in March. The index came in at 46 in December and January and 48 in February.

“The sluggish start to the year left us in limbo as to whether we’d see normal levels of spring activity return," VTS CEO Nick Romito said in a statement. "Thankfully, the office leasing market had its spring awakening — and then some.”

All of the cities tracked by VTS saw office demand increase in March, with five of the seven cities reporting office demand jumps of more than 30% month-over-month. San Francisco saw the largest jump, rising 69% from February to March. Office demand in both Boston and Los Angeles was up 42% in March...