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Finance and Insurance Sector Leapfrogs Tech for Top Share of Big Office Leases
The finance and insurance industry supplanted the tech industry last year for the largest share of the top 100 office leases in the U.S., CBRE reported. Tech had led office leasing nationwide since 2013.
Finance and insurance companies—which have also recorded higher office-attendance rates than tech—claimed 25 of the largest 100 office leases of 2022 by square footage, up from 12 in 2021. Tech companies accounted for 17 of the largest 100 leases, a decline of more than half from the 36 that the sector accounted for in 2021.
Other industries that expanded their share of the largest 100 leases last year included business and professional services (eight leases in 2022), creative industries (five), retail trade (seven), energy (five) and manufacturing and transportation (five). Those that registered fewer of the top leases in 2022 than in 2021, in addition to tech, included government and nonprofits (nine), life sciences (four) and legal (four).
“The inclusion of a wide range of industries among the largest 100 office leases shows that the office remains a cornerstone of hybrid work for many professions,” said Whitley Collins, CBRE global president of occupier advisory & transaction services. “The probability of a recession will slow leasing in the short term. But, in the longer term, the need to provide offices that support the future of work will continue to drive leasing activity.”
Pictured: Tishman Speyer’s The Spiral in Manhattan, where HSBC signed a headquarters lease in 2022.
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