Tech Leads Office While Ports Dominate Industrial

MINNEAPOLIS—The tech domination in office continues. That was one of the messages from Scott Savacool, 2015 president of CORFAC International and senior associate with Sansone Group/CORFAC International of St. Louis. He spoke about market conditions across several sectors and the health of CORFAC International at the recent Fall Summit in Minneapolis.

The technology boom in office was led by San Francisco, Silicon Valley, Phoenix and Austin, where between 30% and 42% of new tech workers were added in the last 24 months. Other cities with surging employment growth in tech workers were Nashville, Indianapolis, Charlotte, Salt Lake City, Raleigh-Durham and Pittsburgh, which added between 12 and 24% of new tech workers in the since 2013. CORFAC has a presence in eight of those 10 markets. The only notable exception in the office markets discussed at CORFAC’s conference was Houston, which has shed about 30,000 office workers because oil has fallen by about 50% in the last year and has caused activity and absorption to soften.