Big Tech bets big on offices
Tech companies were among the first to send workers home, and they're likely to have vast numbers of jobs that can be done fully remotely — but they're still betting that offices will be the future.
Stunning stat: Tech companies held 36 of the 100 biggest office leases in 2021, up from 18 in 2020, per a new CBRE analysis.
- That amounts to 11.4 million square feet of office space.
- In second place is the federal government, which has 5.1 million square feet of the 100 biggest leases — less than half of what the tech industry has.
Overall, office leasing in the U.S. was up nearly 27% last year, CBRE's Manish Kashyap notes. "The tech industry is the big engine there.”
The bottom line: The fact that some of the most remote-capable companies in the country are gobbling up office space and expecting employees to come back to work in person signals that fully remote work won't be the norm once the pandemic is behind us.