RTO Trends Upward As Over 80% Of Landlords See Uptick In Office Lease Renewals

Nationwide office visits in March were at some of the highest levels since the onset of the pandemic, according to a new report that coincides with fresh data indicating the vast majority of office landlords are seeing more lease renewals.

March office visits were down just 32.7% compared to March 2019, according to a new Placer.ai report. Only August 2023, which included two more working days than March, and October 2023 featured higher visitation rates, with 31% and 32.2% drop-offs from the March 2019 baseline, respectively.

Miami and New York retained leads in office visit recovery, with respective visit gaps of 14.1% and 17.2% compared to the baseline. The national visit gap year-over-year dropped slightly, from a 36.3% decline in March 2023 to a 32.7% drop in March 2024.

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RSK: Leasing and RTO up? We shall see. WHen owners have to renw mortgages and interest rates increase, will they bump their lease rates up tro cover the increase? Will tenants accept the increase?