With the current correction in the technology sector leading to tens of thousands of layoffs, high profile office spaces are being placed on the market for sublease or leases are being terminated altogether. As office tech space requirements are being put on hold, the Los Angeles office market will be more of a tenant-favorable market as demand is forecasted to remain low through 2023.
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