CHICAGO—Tech remains the US office sector's dominant industry, capturing 24.2% of leasing volume during the first quarter, according to Chicago-based JLL. In comparison, finance and insurance represented 14.2% of the first quarter's leasing volume.
The tech industry has held the top spot for several years now. In 2016, for example, JLL found that in the previous two years, 63% of the tech leases involved expansions, compared to about 48% of leases overall, affirming the importance of tech to the market's continued expansion.
The US office market just recorded its 28th consecutive quarter of positive net absorption, JLL researchers found. Tenants absorbed another 3.6 million square feet of space. But despite the continued expansion, the pace of occupancy gains has slowed over the past six months due to shortages of skilled labor in many cities.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
