Tech’s turbulent relationship with the office market took an abrupt turn at the end of 2022 as economic pressure prompted the industry to lease less space than it has in the last five years. For the past decade, tech companies have played an outsized role in office leasing. But the sector leased just 2.2M SF in Q4, a 57% drop in volume from Q3 and a massive decline from the more than 8.5M SF leased a year prior, according to a new report from Savills. The drop comes as some of the nation’s largest tech firms have reacted to turmoil in the economy by cutting jobs, softening the industry’s commitment to office. And some believe it will get worse before it gets better. 
“When the economic environment started to weaken, it created even greater uncertainty around when people were going to come back to the office, how much office space you need, and do we have the funds to make big commitments to additional leased and improved space?” said  Read the full story here. | 
