May 2021 Market Update

May 2021 Market Update

Most CEOs report that their employees will return to the office by fall 2021.  But the increased pace of vaccinations has not yet led to a meaningful return to regular office usage, with only 22.5% working at the office.

That said, leading indicators in the last quarter suggest we will see a significant return to the office and surge of leasing activity in the next 12 months:

  • Office leasing tours increased by 250% in Chicago.
  • New business formation increased by 20% in Illinois.
  • 35% fear they will contract COVID, a record low.

The increase in touring is driven by pent-up demand and deal hunters.  But big challenges still lie ahead: nearly 85% of respondents to DLA Piper’s “State of the Market Survey” anticipate two years for office building vacancy to return to pre-pandemic levels.

Categories: Market Updates
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