Tech Retains Office Space Leasing Crown

Tech companies leased more office space than any other industry last year although both the aggregate square footage they leased and their share of total office leasing declined from 2019 levels. Total U.S. office leasing activity decreased by 36% year-over-year in 2020, with tech leasing down by 48% to 26 million sq. ft. Although tech’s share of total leasing fell to 17% from 21%, it has remained the top industry for office leasing since 2013.

New transactions representing expansions and relocations dominated the top 100 office leases by tech companies last year. Most of them were in Seattle, Manhattan, Washington, D.C. and Atlanta and involved software, e-commerce and tech business services companies. These 100 transactions represented 57% of total tech leasing and averaged 149,000 sq. ft., compared with 53% and 251,000 sq. ft., respectively, in 2019...
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RSK: And why wouldn`t they be? It is the fastest growing sector and Tech is needed everywhere.