The tech sector, driver of the US economy for much of the past decade, and—along with life sciences—an oasis fueling growth in an otherwise crippled office sector during the pandemic, is now the poster child for the economic downturn.
As a wave of massive layoffs continues to impact tech companies across the spectrum, tech's US office footprint—which expanded in leasing velocity as it entered 2022 to more than 8.5M SF—collapsed to barely a quarter of that in Q4.
The swan dive to 2.2M SF in tech office leasing in the fourth quarter was a drop of 57% from the activity in Q3, according to Savills' Q4 Tech Tenant report.
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