Downsizing among tech firms will squeeze the commercial-property sector
Save time by listening to our audio articles as you multitaskAs recession looms and businesses tighten their belts, surplus office space presents an easy target. This is especially true in tech, which is sacking workers en masse. Technology firms around the world have announced 150,000 job cuts so far this year, according to Layoffs.fyi, a jobs-data website. On December 13th Amazon delayed the start-dates for graduates who were meant to begin work in May to the end of 2023.
This puts an end to a decade-long office expansion. Since 2010 tech firms have acquired more space than any other industry, accounting for 17.5% of leasing activity in America. In 2021 a fifth of all leased office space was taken up by tech companies. Big tech signed more than a third of the largest leases by floor space last year.
and with it demand for offices of all kinds. An analysis of 11m American workers in 2012 by Enrico Moretti of the University of California, Berkeley, shows that for every new high-tech job in a city, two well-paid professional positions are created outside the industry. Cities where tech jobs are booming generate other professional positions at twice the national rate.
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