Office space availability in Denver reached a record-high at the end of 2022 and is nearly unchanged over the quarter at 26.3% as the tech sector slowdown persists. Many tech companies have been actively cutting costs as a result of economic volatility, .economic volatility, a decline in venture capital funding, and rising interest rates, which has impacted overall leasing demand in the market.
Savills Pulse & Perspectives: World Research
While the global tech sector is undergoing a period of consolidation and ‘rightsizing’ in some organizations, in the long-term, tech as an occupier group isn’t going anywhere. Savills Tech Cities identifies the global cities that matter most to tech. Sixteen North American cities are included in Savills overall top 30 ranking with San Francisco, New York and Silicon Valley leading as the top three. While big cities dominate, tech specialisms such as AI, ClimateTech and DeepTech are growing quickly in secondary global markets.
- Paul Tostevin
Director, Savills World Research