Rising Rents Push Techs To Key Markets
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CHICAGO—For years technology firms and startups flocked to Northern California, but according to JLL’s 2015US Technology Office Outlook, these companies have started to plant roots in markets across the nation.
And over the past year, 73% of the sector’s new office leases were expansions, a significantly higher rate than seen for the general office market. In the second quarter, for example, the Chicago-based JLL found that 40% of all office transactions of more than 20,000 square feet were occupier expansions.
With Northern California holding nine of the top 15 most expensive tech submarkets—led by Downtown Palo Alto at $98.68 per square foot—tech firms increasingly look for space in metros that combine cheap rents and deep talent pools…
