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.
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.