Office occupancy rose in 84% of the 390 US metro areas tracked by Costar in the first quarter, led by Boston, and office asking rents are also rising in 98% of those markets, according to the National Association of Realtors.
Boston had the highest net absorption over the last 12 months, at 3.75 million square feet. Occupancy is increasing in major tech metros, led by San Jose (3.5 msf), San Diego (1.6 msf), San Francisco (0.75 msf), and Seattle (0.28 msf).
"The rising occupancy in these tech metro areas indicates that tech companies are contributing to the demand for office space, even as nationally, 45% of mathematical and computer workers work from home for at least some part of the time," says Scholastica Gay Cororaton of the National Association of Realtors.
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