Research

"Leasing by tech firms in Chicago remained in the doldrums in Q4 2023."

"Due to Dallas’ diversified industry base, market dynamics have been less impacted by the pullback in demand from the tech sector and overall leasing activity was resilient in 2023."

"Despite a rise in space availability by 220 basis points, Denver's tech sector shows resilience with a 0.3 MSF increase in leasing."

"With the current correction in the technology sector leading to tens of thousands of layoffs, high-profile office spaces are being placed on the market for sublease, or leases are being terminated altogether."

"The rate at which tech tenants are disposing of space has slowed in recent quarters and sublet pre-builts are moving quickly."

"Overall availability is expected to remain near an all-time high during the first half of 2024 as slow return to office rate and overall correction in the technology sector dampen leasing activity."

"In Q4 2023, Seattle's availability rate increased from 22.3% to 25.9%, with sublease availability rising from 5.6% to 6.2%."

"Availability is forecasted to increase as larger tech companies finally are terminating leases or putting their spaces on the market for sublease."

"Select metrics such as venture capital funding, labor force dynamics, the S&P 500 Information Technology Index, and tech leasing activity reveal a quickly adapting tech sector and opportunity ahead in 2024 for tenants."

"This significant shift in mindset prompted many major tech firms to reevaluate their space needs in 2023, leading to increased office space availability through subleases, a decline in demand from the tech sector, natural lease expirations, or terminations."