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Steep drop-off in leasing activity as work from home efforts persist and real estate decisions are put on pause
The near-term effects of COVID-19 were reflected in office market metrics across the Metroplex during Q2 2020. With employee welfare at the forefront of organizations’ reopening strategies, many firms have continued work from home measures and placed occupancy limits on physical locations to reduce virus spread. The economic uncertainty that has followed the virus has caused businesses to reevaluate strategies and turn attention toward cost minimization. As a result, demand for office space significantly declined to just 1.9 million square feet (msf), representing a decrease of 40.6% quarter over quarter and marking the lowest quarterly total in at least 15 years.