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Raleigh-Durham is one of six top U.S. tech office markets to have experienced positive absorption in the past two years

Tech Sector’s Share of U.S Office Leasing Slips in H1

The tech industry’s U.S. office-leasing activity slipped in the first half of 2022 to its lowest market share in five years, according to CBRE’s annual Tech-30 report. The decline underscores that the industry isn’t immune to the current economic cycle.  

The tech sector accounted for 16% of total office leasing activity in H1, down from 21% in 2021, the highest of any office-using sector. It’s now tied with two other sectors: finance & insurance and professional & business services.   

Despite large tech companies’ recent pullback in leasing, over the past two years more than two-thirds of the top 30 North American tech markets registered office-rent growth. Six Tech-30 markets experienced positive net absorption: Silicon Valley, Raleigh-Durham, Nashville, Vancouver, Austin and Salt Lake City. 

“Even amid challenges of the past two years, the tech industry continues to add jobs and lease office space at a strong pace,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center. “Since early 2020, tech has accounted for roughly one of every three office-using jobs created in the U.S.” 

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Inside The Story

CBRE's Yasukochi

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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