Technology Company Expansion Boosts New Office Markets: CBRE

By Michael Tucker

Technology companies from northern California, Seattle, Boston and New York are expanding into new markets, creating more office space demand and rent growth in beneficiary markets, reported CBRE, Los Angeles.

Together, tech firms headquartered in those four key technology markets have taken more than 25 million square feet of space outside of their headquarters markets over the past five years. CBRE noted nine of the top 10 beneficiary markets saw rent growth that exceeded the 5.6 percent U.S. average over the past two years.

Firms based in the San Francisco Bay Area accounted for 18 of the 25 million square feet absorbed, CBRE said.

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