With the lingering effects of the pandemic still largely affecting the U.S. office market, there are signs of recuperation, according to the United States Office Market Overview by Newmark.
Employment returned to pre-pandemic levels in June 2022 and has been steadily increasing since it reached lows in 2020. Growth in office-using employment is expanding moderately, which has helped reverse the negative market demand effects from remote work. Newmark estimates new office-using jobs have added 243.2 million square feet of office demand.
While employment in office-using industries now exceeds pre-pandemic levels, it still falls behind overall employment growth since 2023. This lag is accredited to the technology sector, which saw abrupt drops from November 2022 to October 2023 and is slowly recovering from its losses. However, professional and business sectors have largely recovered, led by the South region.
The work from home (WFH) transition was inevita
