Phoenix Among Top Tech Markets

Phoenix is officially one of the top tech markets in the nation for office leases. According to a list of the markets with top tech-company office leasing activity from CBRE, Phoenix is ranked fourth in the nation for its share of the technology leasing, with a total of 1.3 million square feet in tech leasing deals in 2019. San Francisco, Manhattan and Seattle took the top three spots on the list.

“Tech companies are attracted to Phoenix for many of the same reasons that have prompted many firms across all sectors to open operations and/or expand their presence within the Valley,” Kevin Calihan, EVP at CBRE, tells GlobeSt.com. “Companies of all sorts are attracted to Phoenix’s growing, affordable, and increasingly educated work force, favorable business environment and high quality of life.”

This is a notable ranking for the secondary market, which has seen a recent surge in population and job growth. The top three markets on the list are all major tech hubs and more mature office markets. “Phoenix claiming five of the top 100 tech leases in the U.S. foreshadows continued healthy growth throughout metro Phoenix,” says Calihan. “Four out of the five leases were by companies growing their footprints significantly in Arizona. As companies become familiar with the market and its labor and choose to grow their businesses here, Phoenix will become less reliant on new-to-market companies.”