The Seattle/Puget Sound technology sector experienced a decline in tech transactions in the second half of 2022, and more tenants returned space to market in the form of subleases, further elevating availability. With market dynamics weakened, occupiers have a window of opportunity to lease space with tenant-favorable terms.
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Savills Pulse & Perspectives: Workplace
Despite sweeping tech sector layoffs due to adjustments in over-hiringand falling short of forecasted growth, unemployment rates remainlow. For skilled labor in cloud computing, tech sales, and cybersecurity, it takes less than three months after a layoff to pivot intohigher growth sectors among mature and digitally transformedorganizations such as automotive, healthcare and logistics. A data-driven location and labor strategy across every industry remainscritical to achieving financial and growth objectives
- Amy Fobes
Portfolio Solutions Group, Savills North Americ