Finance, Insurance Industries Dominate Major Leases Amid Tech Slowdown

Which industry accounts for the largest share of office leasing in the U.S. is an important metric to keep an eye on. Over the past few years, the pandemic has caused some big shifts in the way companies lease space. For the tech industry, which has been at the top of the heap in recent years in terms of the largest leases by square footage, last year was a rough one. In 2022, there was a major drop in tech leasing, shifting the industry rankings. Other industries that have a major presence in the office market, like the finance and insurance industries, life sciences, and legal, have been experiencing ebbs and flows as well over the past several months. To see which industries have the most share of the top leases, we compared data over the last two years in five sectors: finance and insurance, tech, creative industries, life sciences, and the legal industry.

Industry SectorTop 100 Leases Sq. Ft. 2022Top 100 Leases Sq. Ft. 2021Finance & Insurance7.4 million sf3.8 million sfTech5.9 million sf11.7 million sfCreative Industries2 million sf1.7 million sfLife Sciences1.1 million sf1.85 million sfLegal800,000 sf1.7 million sfSource: CBRE Q4 2022

In CBRE’s report on the top 100 leases from 2022, broken down by industry sector, we can get a sense of where things are for some of the largest occupiers of space. Tech has been the industry that’s probably gotten the most attention recently. Big tech firms like Meta, Google, and Facebook grab headlines with massive leases they tend to

Read more at Propmodo.

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