May 11, 2021
SIOR recently released their report for the first quarter of 2021 which highlighted the state of the market, recovering economy, and optimism for the future. Leasing activities have recovered and even surpassed pre-pandemic levels as more companies return to on-site work and real estate decisionmakers are approved to make longer-term transactions.
Here are some important highlights from the quarterly report:
- 74% of transactions are progressing on schedule, more than doubling since Q2 2020
- On-hold transactions have dropped 83% since last spring to just 17%
- Only 9% of transactions were cancelled, the lowest number in nearly a year
- Market confidence is highest since the start of the pandemic, rising to 7.3 (out of 10)
- Industrial sector confidence reached its highest-ever number at 8, a big jump from 6.9 in the previous quarter
- Office confidence rose to 5.9 in Q1 2021, up from 4.7 in Q4 2020
- Leasing activity has surpassed pre-pandemic levels, with 62% of SIORs reporting more leasing, compared to 29% last quarter
