Nearly one-third of all office space in San Francisco is now available for lease as the tech sector slowdown persists.Expect the technology sector correction to keep office demand low as both tech giants and private startups arenow in cost-cutting mode.
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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 America