Despite a dramatic slowdown in new leasing activity in the office sector and WFH becoming widespread, tech companies still accounted for most of the biggest US office leases last year despite holding a smaller share of office leasing than in 2019.
A new report from CBRE shows that tech accounted for 17% of all US office leasing last year by square footage, as opposed to 21% the previous year, but was still down 48% over 2019 levels to 26 million square feet. Office leasing by tech companies totaled 26 million square feet in 2020. Total office leasing in the U.S. declined by 36% year-over-year.
Seattle came in first for huge tech leases—up from No. 3 in 2019—with 14 of the top 100 deals. Manhattan remained in the No. 2 position with 8 leases totaling 1.8 million square feet, and Washington D.C. climbed to No. 3 from No. 6 thanks to 12 huge leases also totaling 1.8 million square feet.
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