Resilient tech demand persists
- San Diego tech sectors of robotics, drone, MedTech, CleanTech, gaming and software continue to expand their footprint.
- Several media companies are expanding in Santa Monica and positive absorption in Los Angeles is continuing to drive up rental rates.
- Sublease availability in Silicon Valley is rising due to increased M&A activity and “rightsizing” of larger tenants while demand for space under 20,000 sq. ft. remains very active.
- Stable market conditions supported by resilient tenant demand in San Francisco is keeping rents and vacancy flat.
- Nearly 1.5 million sq. ft. is under construction or renovation in Portland.
Tech company leasing activity increased slightly to 7.2 million sq. ft. as sentiment for further growth in the industry continues. Other fundamentals remain on track with venture capitalists funding $14.3 billion to private companies during the first quarter and the industry adding 70,500 jobs.
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