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This is How Bad Tech Office Leasing Has Become

There were zero leases signed in four major tech hubs.

By Barbara Ballinger | May 12, 2023 at 08:34 AM

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Traditionally, the tech sector was a primary source of growth for the office asset class and as recently as the fourth quarter of 2021, spaces exceeding 20,000 square feet comprised an average of 21.5% of demand.

But in the first quarter of this year, leasing for the tech category represented only 8.7% of demand, according to a report by Savills, and not surprisingly the drop-off in demand has left a huge hole in the office market.

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