With the current correction in the technology sector now leading to tens of thousands of layoffs, high-profile officespaces are being put on the market for sublease or leases are being terminated altogether. As office tech spacerequirements are being put on hold, the Los Angeles office market will be even more tenant-favorable as demandis forecasted to remain low going into 2023.
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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