The threat of a recession and mass layoffs by the industry's largest corporations led to a slowdown in leasing in the fourth quarter among New York's tech sector, with renewals outpacing new leases and relocations, as the majority of closed transactions were expiration-driven.
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Savills Pulse & Perspectives: Workplace
Despite sweeping tech sector layoffs due to adjustments in over-hiring and falling short of forecasted growth, unemployment rates remain low. For skilled labor in cloud computing, tech sales, and cybersecurity, it takes less than three months after a layoff to pivot into higher growth sectors among mature and digitally transformed organizations such as automotive, healthcare and logistics. A data-driven location and labor strategy across every industry remains critical to achieving financial and growth objectives
- Amy Fobes
Portfolio Solutions Group, Savills North America