SEATTLE — Seattle is one of the cities leading the nation in the demand for office space following the devastating impact of the COVID-19 pandemic.
Early into the pandemic, many across the country began working from home as infection and death rates rose at dangerous levels.
A new report from the VTS Office Demand Index shows an 85% drop in the national demand for office space in May 2020.
"The reason it dropped off is because of safety," said commercial real estate broker Greg Inglin."You saw big tech lead the charge with Microsoft, Facebook, Google [and] Amazon. They were some of the first companies to say, 'Wait a minute. We are pulling people out of offices.'"
Inglin, executive vice president of Colliers International, helps lease and sell office properties in the greater Seattle area.
He said tours and negotiations for commercial properties are now rising. As of February 2021, the demand for office space across the country is only down 38% compared to levels pre-crisis. Seattle in particular is only down 24%.
"As the vaccine numbers go up, the occupancy numbers will go up [and] the amount of activity will go up," said Inglin. "I mean there is a direct correlation, and it makes sense."
"The more people are vaccinated, the more companies are comfortable having their employees return to the office," he said.
New York leads the country with the fastest recovery for demand in office space. Seattle and Washington D.C. follow the Big Apple.
"That's no surprise that we're quick to return to the activity level, because this is a place that companies want to keep investing in," said Inglin.