Office space in Silicon Valley reached an all-time high to 23.1% as the technology sector correction caused by economic volatility and mass layoffs keeps demand low and tech companies return space to the market in the form of subleases. Additionally, several large tech firms have placed their owned office properties on the market for sale as their space needs have been reduced.
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