October 23, 2020
The tech industry’s share of U.S. office-leasing activity in this year’s first half inched down to 20% from 21% last year, according to CBRE’s annual Tech-30 report. However, the sector continues to lead for leasing.
Tech leasing activity declined by 46% in the second quarter from the 2019 average, while sublease space in North America’s 30 top tech markets increased by 42%. Tech companies account for a quarter of sublease space.
“Few industries, if any, escape a pandemic unscathed, and tech isn’t an exception,” said Todd Husak, managing director leading CBRE’s Tech & Media Practice. “However, the tech industry and the office markets where they have a significant presence are proving resilient this year.”
He continued, “Much of the industry has established its value by providing the tech products and services needed to ensure business productivity and continuity. Several indicators, such as robust venture-capital investment, point to more growth ahead.”
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