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Tech Industry Drives Office Space Expansion, Renewals Dominate Mega Leases

The tech industry has 29 of the largest leases, totaling 9.3 million square feet.

By Kristen Smithberg | February 10, 2025 at 05:55 AM

After several years of contraction due to hybrid work, the office sector appears to be stabilizing and expanding as the nation’s 100 largest office users signed bigger leases last year. The average office lease among large office users increased to 288,834 square feet last year, up 8% from 2023, according to a report from CBRE.

The top 100 office leases of 2024 totaled 28.9 million square feet, up from 26.8 million square feet in 2023. Other than an isolated increase in 2021, the average office space has been on a downward trend since 2020, according to CBRE.

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