The technology sector correction that began mid-2022 is still ongoing with market demand expected to remainslow moving into 2023. There is a window of opportunity for tenants to lease office space for dramatically less thanwhat it would have cost pre-pandemic with abundant space options to choose from.
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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