April 2026 saw nationwide office tour activity hit 80% of pre-pandemic levels, led by Houston and New York. While SF leasing is rebounding due to AI, REITs have yet to capture major AI tenant footprints.
Key Takeaways
- 1.Nationwide office tour activity (VODI) reached 80% of pre-pandemic levels in April 2026, showing steady year-over-year improvement.
- 2.Office utilization remains uneven across major markets, with New York, Seattle, and Austin near pre-COVID levels while Los Angeles and San Francisco continue to lag.
- 3.San Francisco office leasing was strong in 1Q26, driven by AI-related activity in the South Financial District, though REITs are not yet capturing the largest of these leases.
Table of Contents
- Office tour activity
- Return-to-office / Office utilization trends
- Office leasing: A strong 1Q26 for SF in particular
- US office and CRE transaction volumes
- Appendix
- Disclosure Appendix
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Authors
Caitlin BurrowsJeremy KuhlHarrison SlaterShailee Lnu
Securities
VNOBXPKRCSLGHPP
Themes
Post-Pandemic Office RecoveryAI Impact on Commercial Real EstateDemographic Shifts and Office Utilization
Regions
North AmericaUnited States