New leases, rather than renewals, accounted for most of the largest U.S. office leases by technology companies in 2020, which helped to reaffirm tech as the most active industry in overall office leasing for a ninth consecutive year, according to a new report from CBRE.
The tech industry retains that title despite registering a smaller share of U.S. office leasing in 2020 (17 percent by square footage) than in 2019 (21 percent). All told, office leasing by tech companies amounted to 26 million square feet in the past year.
CBRE’s analysis of 2020’s 100 largest office leases by tech companies found renewals accounted for 25 percent of the cumulative square footag