Tech keeps top leasing position
- The San Diego tech industry is expanding and distinguishing itself from the more dominant biotech and med-tech sectors.
- So called “new media” tech companies are growing their presence in Los Angeles as large footprint leases support positive net absorption.
- Leasing activity in Silicon Valley and Palo Alto has moderated as sublease space and high tenant improvement costs postpone some transactions.
- Momentum is steady in San Francisco with tech tenants absorbing the majority of sublease space and multiple tech companies raising $100 million or more during the third quarter.
- Limited creative space in downtown Vancouver spurred another building cycle set to deliver between 2020-2022.
Tech market fundamentals held steady during Q3 2016 as venture capital funding moderated and $13.3 billion was invested into private companies. The high-tech industry added more than 24,100 jobs and leased approximately 6.8 million sq. ft. of office space across the U.S. making it the top industry for the third consecutive year.
Download Americas tech industry overview:
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved.