Tech industry driving office market recovery

0 CommentsBy

As the U.S. office leasing market continues its climb back from the dowtnurn, high-tech companies are leading the way.

A new report from Jones Lang LaSalle that was the subject of this article in today’s Wall Street Journal finds that companies in the tech sector accounted for 29% of all growth in the U.S. office market in 2011, adding an estimated 10.2 million square feet of space (or nearly the size of three Willis Towers).

And what’s more, much of that absorption has taken place in cities outside of Silicon Valley, including such seemingly unlikely locales like Austin, Pittsburgh, Cambridge, Mass., Brooklyn, and — yes — Chicago.

One such example here locally is the recent lease of a 60,000-SF space at the Merchandise Mart by the Chicago Entrepreneurial Center, which is opening a shared workspace for digital startups called 1871. Jones Lang LaSalle brokered the lease for the CEC, is coordinating the build-out of the space, and will also manage the facility once it opens on May 2nd.

To learn more about the high-tech boom, read the full JLL High-Tech Outlook Report here.

Leave a Reply

Your email address will not be published. Required fields are marked *