Office availability increases yet again as tech sector correction continues

In Q1 2023, leasing activity remained low at just over 1.0 million square feet (msf), up from 0.5 msf reported last quarter and up from 0.6 msf reported a year ago, respectively. Compared to the 5-year quarterly leasing average of 1.4 msf, office space demand has been down significantly as the technology sector continues to undergo a serious correction with mass layoffs and a general freeze in office leasing. In addition, several large technology companies have put some of their owned office properties on the market for sale deeming these surplus to requirements moving forward.

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