By Ken McCarthy Principal Economist/Cushman & Wakefield In 2018 the technology sector in the U.S. cemented its position as a major driver for the U.S. economy and office market. Funding for tech-related businesses soared and the number of companies with valuations of $1.0 billion or more—popularly known as Unicorns—reached a record 156.
Venture capital investments roughly doubled in 2018, rising from $72 billion in 2017 to $131 billion in 2018, the largest amount invested by venture capital funds since the all-time high of $188 billion in 2000.
With that much money being poured into the tech sector, it’s no surprise that there was also a surge in tech sector leasing during 2018. In fact, the tech sector was, by far, the largest lessor of office space in the U.S. in 2018, accounting for more than a quarter (26.7%) of the 311.9 million square feet (msf) of new leases signed in the U.S.
When looking at the 40 largest leases from each of the 86 office markets tracked by Cushman & Wakefield, a clearer picture of the impact of the tech sector on the commercial office market in the U.S. materializes. Tech is Big. Tech companies continued to gobble up space at a rapid pace in …
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