While no industry dominated major office leasing activity in the US during opening quarter of 2014, the booming technology sector continued to exert a major influence, topping CBRE’s major leasing activity chart for the third time in the past 5 quarters.
US Major Leasing by Sector
Tech By The Bay
San Francisco was home to seven of the top 25 high-tech deals completed nationwide during the first quarter of 2014. Within San Francisco, one of the tightest office markets in the US, tech was responsible for more than 80% of the quarter’s major leasing activity.
Here, There & Everywhere
Though business services’ share of major leasing transactions was down somewhat from last year, activity was broad-based: the top 50 business services deals were spread across 25 markets. Consultants and accountants were particularly active, inking three of the top five business services deals in the US.
Finance Heads to Main Street
There was notable amount of leasing activity by financial services users outside the major financial centers during the first quarter of 2014: Minneapolis, Baltimore, Portland, Dallas, Phoenix and Orange County all saw 100,000 ft.² plus deals during the first three months of year.