Office leasing by tech companies slowed in second quarter

Momentum slowed in the second quarter for technology companies’ leasing of office space, though a few markets posted sizable gains in activity, according to CBRE. U.S. office space signed for lease by tech companies in the second quarter amounted to more than 6.8 million square feet, which marks a 46 percent decline from last year’s quarterly average. That’s roughly in line with the 44 percent decline in new office leases by all industries last quarter. Overall, tech remains the most active industry in U.S. office leasing, accounting for 20.5 percent of square footage newly leased last quarter.

“The tech industry has proven resilient during the pandemic with many companies experiencing increasing demand for their products and services,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center in San Francisco. “Even so, many tech companies’ real estate plans have been put on hold until more clarity emerges on business conditions and the