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.
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