Tech dominates U.S. office leasing
U.S. technology markets remain winners in the race for talent and, by extension, office leasing, according to JLL’s Tech Office Outlook report.
“A healthy tech sector, particularly a ‘hub’ that anchors a vibrant tech ecosystem, has become the hallmark of a strong local economy,” says Steffen Kammerer, senior vice president and leader of JLL’s technology group. “Tech employment growth continues, but this past year has brought people back down to reality. It still outpaces U.S. employment growth by more than two to one.”
From second quarter 2015 to second quarter 2016, technology-driven office leasing volume fell 9.6 percent. The year-over-year dip in second-quarter leasing activity this year likely represents a return to normal, reports JLL. Despite the drop, tech-driven office leasing is expected to continue to outpace the national economy and is creating strong real estate conditions across the country.