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.

A new analysis by Moody's Analytics data scientist David Caputo shows how tech office performance can vary significantly. The firm has been tracking tech market CRE performance since at least April 2022 with its report, Tech Markets to Watch and Why the Field's Getting Competitive. Then, the firm could write, "In a time of great uncertainty around the workplace of the future, tech companies have taken the opposite approach of typical professional service firms by increasing their footprint instead of scaling back."