U.S. office demand stable in November despite COVID concerns

The CBRE Pulse of U.S. Office Demand showed little change in November. Revisions to October leasing activity data show that the market performed better than originally thought in the early fall. November’s stability shows continued office demand recovery, though performance varies noticeably from market to market.

The U.S. Tenants in the Market (TIM) Index was unchanged in November at a level of 85. Half of the 12 markets tracked by CBRE reached TIM Index levels of over 90, a new milestone toward pandemic recovery. Dallas had the biggest increase in TIM requirements in November, with Chicago and Houston also seeing notable improvement.

The U.S. Leasing Index fell by 2 points in November to a level of 100, with revised October data showing stronger demand recovery than initially indicated earlier in the fall. Boston again led the leasing index, while Los Angeles made a strong comeback from the delta-related slowdown in September and October. Eight of the 12 Pulse mark