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JLL: Tech Sector Driving Metro DC Employment Gains

WASHINGTON, DC—JLL says that diversification of the regional tenant base is taking hold across the Washington DC area, with the technology sector emerging as a primary driver of office demand and employment growth.

By Erika Morphy | erikamorphy | Updated on April 21, 2016

The District's K street The District’s K street

WASHINGTON, DC–Recent expansions of several technology companies, including Optoro, 2U, FiscalNote, WeddingWire and Cvent, has helped drive a large share of the 1.9 million square feet of positive net absorption that has been recorded across the Metro DC region over the past 12 months, JLL notes.

This is good news for CRE: Overall job growth in the DC region remains near cyclical highs, but with employment levels essentially flat within the federal government, legal services and financial services sectors, technology-oriented job growth has accounted for 86.9% of overall office-occupying job creation over the past 12 months.

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