Research

"Leasing activity among tech firms remained diminished in Q3 2023. While Relativity leased nearly 100,000 square feet this quarter, its overall footprint was reduced by 45%."

"It remains to be determined whether tech companies will enforce attendance or what level of frequency employees will want to return. "

"In Austin, the percentage of sublease availability coming from the tech sector jumped from 37.1% in Q2 to 47.1% in Q3."

"As of Q3 2023, sweeping tech layoffs have begun to slow and sublease supply is starting to show signs of flattening and even declining in some major tech markets."

"Large blocks of tech sublet space remain on the market due to economic volatility."

"The Dallas tech sector has returned large blocks of space to the market and the industry makes up 26.0% of total space available for sublease."

"The growing sublease supply is beginning to show signs of flattening and even declining in some major tech markets."

"Central Business District (CBD) availability has declined slightly this quarter for the first time since 2019 reversing a trend of continual increases since the pandemic's onset."

"South Florida asking rents continued their upward trajectory. For Q3 the overall average asking rent of $42.91 was up 5.3% year-over-year, while Class A was also up 4.9%."

"Stabilization in market metrics reflect cautious optimism in Salt Lake Metro office"