Online Searches for Office Space Increase in May
According to Google Trends data, the popularity of key search terms for office listings has seen an important drop with the onset of the COVID-19 crisis. However, the last couple of weeks have brought encouraging signs that the market might already be on track for a rebound.
CommercialCafe’s latest office study asked CommercialCafe and PropertyShark visitors about the current crisis and its effect on their office space searches. Their responses suggest a sense of optimism, and a hope that ― despite the slowdown ― things will revert to business as usual.
Here are a few highlights:
- Searches for commercial real estate listings on CommercialCafe have seen a steady growth lately. After a 27% dip in mid-March, commercial searches registered increases throughout April, followed by another 8% growth between May 3 and May 9.
- A Google Trends analysis for the terms “commercial real estate,” “commercial property,” and “office for rent” mirrors CommercialCafe traffic data.
- Our respondents were mainly optimistic. When asked if they are still looking to lease office space given the current COVID-19 epidemic, 44% said they are ready to commit to a lease when they find the right space, while only 11% have postponed their search.
- Regarding their selection process, 38% of respondents said it did not change in any way, 22% said they were aided by virtual tours and pictures in their leasing decision, and 17% reported visiting fewer locations because of the epidemic.
- When asked whether they would expect more options and greater flexibility from their new leasing contract, nearly half of respondents thought business would continue as usual and expected things to stay pretty much the same.
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