Many of the major new deals were in process prior to the pandemic, according to Yasukochi. The growth of that share reflects trends in the broader office market as more companies opt for renewals as they wait for the economy and public health recovery from COVID to play out, according to CBRE. That’s up nearly 43% compared to 17.5% in 2019. office leases by technology companies last year, it’s notable that renewals made up one-fourth of the cumulative square footage of the top 100 largest office leases by tech companies. While new leases accounted for most of the largest U.S. In total, office leasing by tech companies was down 48%, totaling 26 million square feet in 2020 as the largest companies scaled back expansion plans.
office leasing last year - 17% by square footage, compared to 21% in 2019. “Those are roughly consistent with the busiest sectors in 2019 tech-office leasing, though search companies were more active in the top 100 then than they were in 2020,” Yasukochi said.Īnother noteworthy trend? The tech industry registered a smaller share of U.S. Office Leases by Tech Firms in 2020 CBRE Research and CBRE Tech Insights Center
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