Office Market Is “Primed for Reboud” JLL Report Finds

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JLL’s Q2 2021 office outlook report found that the office rental market is primed for rebound. 

JLL found that leasing activity was up by 48.4% in gateway markets, while gross leasing activity hit 34.7 million square feet in the second quarter of 2021, an increase from 28.7% in the first quarter. This is promising, as it is the first time since the onset of the pandemic that the market breaks 30 million square feet. 

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Some markets, like Atlanta and Miami, are experiencing leasing activity above pre-pandemic levels, according to Scott Homa, senior director of office research at JLL. 

While the signs point to recovery, there is still a long way to go, as JLL found that quarterly leasing activity was still down by 41.6% from pre-pandemic levels. 

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