The thriving technology sector is playing an important role in the recovery of the U.S. office market, as recent rental activity indicates. According to CBRE Group, Inc.'s August 2014 research report, U.S. Tech-Twenty: Measuring Office Market Impact, the high tech sector has created one fourth of all office-using jobs created between 2009 and May 2014. The booming job growth in the tech sector is directly reflected in national office leasing activity. In 2014, the high tech sector accounted for 20% of all U.S. office leasing activity, making it the top office leasing industry in the U.S., and there is little reason to expect that percentage to drop anytime soon.
Office leasing activity rose 14% from 2013 to 2014, and the 2015 outlook is strong. Tech firms in both the private and public sector are indicating growth in the upcoming years, meaning office expansions are on the horizon, and with the high tech industry far outpacing its peers in growth, the leasing trend is expected to remain strong. What exactly does this growth mean for high tech companies in search of office space? The importance of finding the right office space for current and future needs is becoming increasingly imperative.