Tech companies gobble up office space

But, but. but: The pandemic won't kill the office.

As I've reported, the same tech companies that were first to send workers home — and tell them they could stay home forever if they wanted — are signing big leases in big cities.

• For example, Amazon is adding 900,000 square feet of office space in New York City, Phoenix, Dallas, Detroit, San Diego and Denver. And Facebook is expanding its New York footprint with 730,000 additional square feet in midtown Manhattan.
• The CBRE report bears out this trend: Tech companies were the leaders in signing and renewing leases in 2020, accounting for 24% of leasing activity by square footage.

New York seems to be doing fine, too.

• Manhattan swept up 20 of the 100 biggest leases of 2020, which came out to 6 million square feet.
• D.C. was in second place with 4.9 million square feet.
• And Seattle took a distant third with 2.2 million square feet.
• The Bay Area snagged eighth place with 915,000 square feet leased in Oakland.

Go deeper: More tech companies plan to let workers stay remote post-pandemic