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Office Rent Growth Rising in “Tech-30” Markets

Technology companies based in the top four tech headquarters markets, Boston, New York, the San Francisco Bay Area and Seattle, are expanding into new markets, creating more demand for office space and driving office rent growth in the beneficiary markets, according to CBRE’s annual Tech-30 report.

Together, tech firms HQ’d in those four markets have taken more than 25 million square feet of space outside of their respective headquarters markets over the past five years. The list is led by firms in the San Francisco Bay Area, which accounted for 18 of the 25 million square feet.

Nine of the top 10 beneficiary markets experienced rent growth that exceeded the U.S. average of 5.6% over the past two years. Eight ranked in the top half of the Tech-30 markets in terms of rent growth.

The top four tech headquarters markets are also feeding each other, with cross-market expansion between the San Francisco Bay Area, Seattle, Boston and New York accounting for approximately 14 million of the 25 million square feet of migration.

CBRE’s Colin Yasukochi says, “We expect large tech companies to continue to expand outside their headquarters markets—including further into secondary and even tertiary markets—particularly as space availability in top tech submarkets continues to tighten, driving rents up. Large tech company expansion into smaller markets will help foster innovation clusters, further boosting job creation and creating additional office demand.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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