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According to CBRE’s annual Tech-30 report, the tech industry has taken over as the top contributor to U.S. office leasing activity, accounting for 18% of all leases in the first three quarters of this year. This surpasses other industries such as finance & insurance (16.5%) and professional & business services (15.7%).
While still a small portion of overall leasing activity, companies involved in artificial intelligence development and deployment have played a significant role in boosting tech’s share. In fact, since 2019, AI startups have leased approximately 10.8 million square feet across five major markets known for venture capital funding: San Francisco, Silicon Valley, Boston Los Angeles/Orange County and Manhattan.
CBRE global president of occupier advisory & transaction services Whitley Collins stated that “AI will create more jobs than it eliminates,” highlighting the potential growth within this subsector and its impact on overall office leasing activity within the tech industry.
Despite many tech companies reducing their office footprints due to hybrid work arrangements during COVID-19 pandemic times , it is encouraging that cumulative square footage leased by these firms so far this year exceeds all other industries’ numbers.
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