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.