Office availability in San Francisco reached an all-time high at 32.7% as the tech sector slowdown has left market demand depleted. San Francisco has the largest share of sublease space being relinquished by a tech tenant at 79.2% as these companies look to cut costs and continue to contemplate remote work styles.
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