Chicago's Merchandise Mart has become one of the most notable techhubs in the US, and has helped fuel the sector's organicgrowth.
CHICAGO—Technology has fueled office markets across the US forseveral years, and that growth has benefited both long-establishedtech markets like New York and newcomers such as Detroit. And according toCBRE's new Tech-30 report, which measures the tech industry'simpact on office rents in 30 leading tech markets, companies basedin the top four tech markets—the San Francisco Bay Area, Seattle,Boston and New York—have started expanding into new markets,creating more demand for office space and driving rent growth.
Together, these firms have taken more than 25 million squarefeet of space outside their home markets in just the past fiveyears. San Francisco-area firms led the expansion, accounting for18 million square feet. Nine of the top 10 beneficiary markets sawrent growth that exceeded the US average of 5.6% over the past twoyears.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
