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U.S. Tech Leasing Cracks the 20% Barrier
Tech-sector tenants accounted for 21% of major office leasing activity in the first half of 2019, CBRE says. It’s the first time the industry has cracked the 20% barrier, and it’s nearly double the 11% share that tech firms took when CBRE began tracking the figures in 2011.
Strong leasing activity is fueled by tech’s robust job growth, according to CBRE’s annual Tech-30 report of the sector’s leading markets in the U.S. and Canada. Even as it slowed to 4.5% in this year’s first half amid tight labor conditions, tech’s employment growth is still more than double the national rate.
“The North American tech industry has diversified its economic base as it has grown, expanding its presence in many Tech-30 markets,” said CBRE’s Colin Yasukochi, co-author of the report. He added that the 10 most active tech companies leasing office space since 2013 accounted for 27% of overall tech-industry leasing.
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