In 2022, Q4 proved a diving platform for tech office usage. Leasing dropped by 57% from activity the previous quarter, according to Savills’ Q4 Tech Tenant report. Large layoffs have been loudly in the news. According to the site Layoffs.fyi, there were 159,756 tech layoffs across 1044 companies during the entirety of 2022. In the small part of 2023 that has taken place, 326 companies laid off 98,100 — 61% of last year’s total.

But, as always, the danger of averages and national performance is that it’s easy to miss how things vary locally and where conditions are better or worse.

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Erik Sherman

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