Although overall leasing activity ticked up compared to last quarter, expect large lease commitments to stay tempered and small to mid-sized leases to fuel activity, particularly as tech layoffs mount. As a result, expect large blocks of tech sublet space to remain on the market for an extended period of time.
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