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West
Million
78
WY
WA
UT
OR
NM
NV
MT
ID
HI
CO
CA
AZ
AK
South
125
WV
VA
TN
SC
OK
NC
MS
MD
LA
KY
GA
FL
DE
AR
AL
TX
Midwest
68
WI
SD
OH
ND
NE
MN
MI
IN
IA
IL
MO
KS
Northeast
56
RI
VT
PA
NY
NJ
NH
ME
MA
CT
New York
Click to explore
Boston
Washington DC Metro/VA
Salt Lake City
Chicago
Los Angeles
Austin
Seattle
San Francisco
Silicon Valley
Denver
San Diego
Atlanta
Toronto
Vancouver
BOSTON
CHICAGO
DENVER
LOS ANGELES
NEW YORK CITY
SALT LAKE CITY
SAN DIEGO
SAN FRANCISCO
SEATTLE
SILICON VALLEY
TORONTO
VANCOUVER
WASHINGTON DC METRO/VA
EXPLORE
Tech
IN THE 16 HOTTEST CITIES
Our interactive map highlights sixteen North American markets that are influenced by leading technology companies and their employees. This in-depth look provides insights and perspectives into what metrics are driving a shift towards more creative and robust local landscapes.
Newmark Research
Matt Davidson
San Mateo
Powered By The Technology & INNOVATION Practice Group
Highlights
matt.davidson@ngkf.com
Managing Director
All information contained in this publication is derived from sources that are deemed to be reliable. However, Newmark has not verified any such information, and the same constitutes the statements and representations only of the source thereof, and not of Newmark. Any recipient of this publication should independently verify such information and all other information that may be material to any decision that recipient may make in response to this publication, and should consult with professionals of the recipient's choice with regard to all aspects of that decision, including its legal, financial, and tax aspects and implications. Any recipient of this publication may not, without the prior written approval of Newmark, distribute, disseminate, publish, transmit, copy, broadcast, upload, download, or in any other way reproduce this publication or any of the information it contains. This document is intended for informational purposes only and none of the content is intended to advise or otherwise recommend a specific strategy. It is not to be relied upon in any way to predict market movement, investment in securities, transactions, investment strategies or any other matter.
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Visit Previous Tech Highlights:
Q1
2020
2021
Q3
New York City
Average Asking Rent % Change from 2Q20
Overall Availability Rate 2Q21
Total Available Sublease Space (SF)
2020 Office Leasing Absorption
Notable 2021 Tech Leases
Facebook
400K SF
Microsoft
160K SF
Clear
100K SF
Notable Active Requirements
Top Tech Submarkets
Far West Side
Chelsea
Hudson Square/Meatpacking
Madison/Union Square
Midtown South (East Side)
Long Island City
Top Life Science Submarkets
3 Local Market Macro Tech Points
Daily Pay
137K SF
Infor
90K SF
Cockroach Labs
65K SF
Total FAANG Office Occupancy
15.3 MSF
Total Coworking Occupancy
12.8 MSF
40%
11%
19%
30%
1
2
Boutique tech (25,000 - 75,000 SF) has been active in the market with several notable Health and lifestyle oriented firms leading the charge. The most notable of them with active requirements include: Clear (100,000 SF) Haven Heath (75,000 SF) Redesign Health (45,000 SF) Clickable Health (25,000 SF) Komodo Health (25,000 SF)
3
New sublet space added to the market has subsided with about 22 million SF availabke today (1/3 of the overall inventory). Many of the sublet spaces have been aleased over the past few months. Some of the more notable transactions have been: DailyPay - 137k SF at 55 Water Cockroach Labs - 65k SF at 125 West 25th from Peloton Happify - 40K SF at 114 Fifth Avenue from First Look Media Allied Financial - 40k SF at 95 Uiversity from Northwest Mutual Flexport - 30k SF at 50 West 23rd from former Dropbox space
Tech Employment
Tech Employment 1-Year Change
+7.3%
Average Tech Wages
$161,257
Average Tech Wage 1-Year Change
+8.6%
..................................
$73.89
2Q21 Average Asking Rent
-8.8%
18.7%
21.1
-20.8
MSF
11.9%
Overall Availability Rate 2Q20
(12.4% in July)
-1.3%
Net Effective Rent % Change from 2Q20
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Sources: Newmark Research, Chumura/JobsEQ, PWC MoneyTree, HR Tech Group
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Discussion of Forward-Looking Statements about Newmark
-19.1
2021 Office Leasing Absorption (Year to Date)
67,965
Large Tech continues to make a committment to NYC. Facebook, which still has a presence at 770 Broadway is rumored to be expanding by 400,000 SF there. This coming on the heels of its 1.5 million SF acquisition of space in 2020. Google exercised its option to purchase its newest flagship, the St. John's Terminal in Hudson Square. The $2.1 billion dollar purchase adds to their portfolio of owned Buildings in NYC which also includes Cheldea Market, 85 Tenth Avenue, Milk Studios and 111 Eighth Avenue. Additionally, Amazon and Microsoft have expansion requirements underway for approximately 150,000 SF each.
Seaport
Downtown
Back Bay
East Cambridge
Cambridge
4 Local Market Macro Tech Points
– Biotech/life science remains a bright spot amidst the current pandemic and subsequent recession. Positive fundamentals, strong venture funding and public markets, etc. are driving this segment of the marketplace. – Layoffs in consumer-facing tech companies is a key driver behind the market’s rising sublease inventory. TAMI accounts for more than 35% of available subleases Downtown and 42% of available sublease in Cambridge. – Tech tenants with impending lease expirations are willing to let them expire without c committing to a new lease. Work-from-home policies have been sufficient or successful enough to allow these users to wait until 2021 or for a vaccine before going back out into the market again. – While there are fewer tenants in the market, TAMI tenants still account for roughly 25% of all requirements Downtown.
IBM
150K SF
WHOOP
121K SF
Butterfly Network
61K SF
2.9 MSF
1.7 MSF
While TAMI tenants continue to account for an above-average share of sublease availabilities, the pace of growing inventories has slowed in recent months.
Since January of 2020, TAMI tenants have accounted for 51% of sublease transactions on a SF basis. Tech tenants are looking for shorter terms/flexibility as well as low capital output in focusing on subleases.
4
Some tech companies are downsizing their footprints – LogMeIn, Quickbase, Cayan, etc.
Big tech is moving forward with new and planned office requirements. Amazon’s recent expansion in the Seaport is the most recent example.
76,767
-1.6%
$154,843
+5.3%
...........................................
West – Route 128
Lexington & Waltham
$39.48
Average Asking Rent 1Q21
+1.9%
-14.3%
Net Effective Rent % Change from 1Q20
20.1%
16.4%
3.5
-4.1
-1.7
Tech Tenants Expanding or with Current Requirement
PTC
Simplisafe
135K SF
BitSight
50K SF
450K SF
SMS Assist
1871
91K SF
Tegas
86K SF
Fulton Market
River North
West Loop
North
The South Loop
3.0 MSF
Total Coworking occupancy
1.0 MSF
2021 YTD VC Funding @ $3.8 Billion which is $1.0 Billion more than 2020.
99 companies have been funded in the first half of 2021.
26,395
+0.6%
$95,021
+6.8%
Lincoln Yards
$38.15
+0.4%
22.9%
18%
6.04
188
KSF
-202
denver
11 companies valued at a billion of more “unicorns” have launched in Chicago this year including: Cameo, MI Finance, ShipBob, Amount, Enfusion, Active Campaign, Relativity, G2, Project44, Bringg and Clearcover.
Fulton Market continues to be one of the hottest submarkets for high growth companies.
Project 44
Jelly Vision
Coin Flip
Tech tenants Expanding or with Current Requirement
Click Up
25K SF
Square
Scorpion
Utah County North
Draper Tech Corridor
Southtowne
37K SF
Xyngular
47K SF
889 K
VC had record year in Utah at approximately $1.77billion and over 150 deals.
Traeger announced IPO.
Northern Utah’s Class A market hovering below 7% vacancy (almost a ZERO vacancy number).
Utah’s Tech industry formed its first formal PAC.
12,537
-0.1%
$112,730
+1.0%
$23.12
+2.4%
+2.6%
17.1%
13.9%
2.3
Salt Lake CBD
LUMIO
-525
-116
Planhub
Reston
Herndon
Crystal City/Pentagon City (National Landing)
6 Local Market Macro Tech Points
180K SF
Raytheon
550K SF
ID.ME
40K SF
4.3 MSF
2.3 MSF
Overall demand remains low due to uncertainty of Covid19 and reentry across DC, MD and VA.
DC is struggling and has hit an all-time high vacancy rate for the CBD (Central Business District) Submarket – approaching 17%.
Major tech companies remain bullish – Microsoft leased a total of 600K in 2020 in Northern VA, Facebook looking for expansion in DC.
270 corridor in MD is very hot market due to the biotech companies expanding and looking for lab space. Lab space is a hot commodity with very few options.
14,936
+2.0%
$162,787
+24.9%
$41.63
2.0%
22.6%
3.6%
9.2
-3.5
East End
Tysons
I-270 Corridor
Urbana & Route 85
Riverside Research Park
Downtown Baltimore
washington dc metro
5
6
Amazon still moving forward with HQ2 and redevelopment in Arlington. In Addition to Amazon, many other West Coast technology companies are growing their DC area presence due to the increase in federal government sales and tech talent.
Industrial markets and data centers continue to expand in Western parts of Northern VA and remain two of the hottest sectors in the region.
atlanta
19.8%
-3.4
AT&T
BAE
140K SF
Clarabridge
80K - 100K SF
200K - 230K SF
Apple - Lower Westside
300K SF
Amazon - Culver City
200K SF
BuzzFeed - Greater West LA
Hulu - Santa Monica
351K SF
Activision - Santa Monica
205K SF
Snap - Santa Monica
145K SF
4.8 MSF
4.4 MSF
Los Angeles has the third largest tech ecosystem for start-ups in the world.
An over supply of traditional space, an under supply of creative space.
Streaming media viewership counts surged since the onset of the pandemic, and major providers are expanding.
Tech and Hollywood continue to mix, as streaming providers build scale.
72,241
-0.5%
$145,409
+11.4%
$43.92
Average Asking Rent 1q21
-4.0%
-8.2%
23.2%
-4.8
9.3
Santa Monica
Playa Vista
Culver City
Hollywood
Thousand Oaks
San Gabriel Valley
LA Bioscience Corridor
Westside
Burbank
-2.6
Netflix, with 1.6 million square feet in the LA area, accounted for 15% of global internet traffic in 2020.
Sony PlayStation - Playa Vista
108K SF
Studio construction is increasing, with notable projects from Hackman Capital, Blackstone and Atlas Capital Group.
Scopely - Lower Westside
5 Local Market Macro Tech Points
Skyworks
97K SF
Peak6
114K SF
Cloudflare
124K SF
1.1 MSF
7.7 MSF
Facebook, Google, Indeed, and Apple all intend to come back to the office. All have continued large-scale developments or build-out projects currently underway.
More VC and PE firms are relocating to Austin as they look to drive significantly more dollars into the Austin start-up scene. This should continue to help fuel growth in the metro from both the perspective of added jobs and the demand for office space.
In addition to Tesla, the eastside of the Austin metro already contains a very significant presence of Samsung and Applied Materials, both at over 2 million square feet and growing. Amazon has a 3.8 million square foot facility under construction in the area, and there are rumors circulating that all of Elon Musk’s companies (The Boring Company, Neuralink, Space X) will soon have a presence in the area.
Tesla land assemblage (now ~3,000 acres), and subsequent development of their Texas gig-factory has led to an exponential increase in demand on the east side of the Austin metro. This demand consists of primarily industrial, single-family, and multi-family uses, but significant office demand will soon follow as roof-tops and resident counts increase.
34,589
+3.1%
$184,821
+14.3%
$39.52
3.92%
23.5%
21.4%
2.93
CBD
North/Domain
Northwest
-2.22
96
Austin continues to be the beneficiary of relocations from the coasts. As of the end of March 2021, Austin had already seen 13 corporate HQ relocations. 2020 was the Austin metro’s best year ever in terms of new jobs and relocation jobs announced, at over 12,000, primarily driven by Tesla and their 5,000 announced jobs.
Amazon
800K - 1M SF
Tik Tok
150K - 300K SF
Pokemon - Bellevue CBD
66K SF
2.8 MSF
35 MSF
Amazon’s spending on property purchases and equipment surged 92% in the second quarter to more than $14B, with even more investment expected later this year.
Amazon leased more than 500K SF in the Bellevue CBD in the first half of the year, pushing its Eastside footprint to over 6M SF including future space.
TaxBit, a Utah-based cryptocurrency tax and accounting firm, is opening a second headquarters in Seattle.
84,743
+5.2%
$266,329
+9.2%
$42.29
+0.76%
16.2%
10.5%
-904
4.81
500K SF
Seattle CBD
Lake Union
Bellevue CBD
Bothell
Snowflake - Bellevue CBD
79K SF
Amazon - RTC AT&T 1
-1.3
Stripe
Snap
Bungie
80K SF
Zillow beat Q2 expectations with $1.3B in revenue. The company’s Internet, Media, and Technology (IMT) segment grew 70% in revenue year-over-year to $476M.
1 in every 5 Seattle employees now work in the STEM field, the highest rate of any city in the US. (Source: Seattle Times)
Seattle currently ranked 5th among all metro areas in venture capital funding at $3.2B year to date across 221 deals.
Figma
98K SF
Aurora
58K SF
2.7 MSF
As of the end of July, Northern California received 36% of the VC capital invested nationally in 22% of the deals funded in 2021. Total investment in the first half of 2021 has already surpassed annual total investment for every year prior to 2020. San Francisco alone received 48% of Northern California funding and 17% of national VC funding in 2021.
Of the 53 San Francisco tech tenants with 100K+ sf, 26 have sublease space on the market. Total sublease spaced offered by these tenants is 3.5 MSF, or 17% of the footprint of the 100K+ tech tenants.
Current tenant demand has increased and is now 7% above the average tenant demand between 2015-2019.
Since large blocks of available space were such a precious commodity over the last couple years, several tech companies land-banked space for future growth. Some of this space has come back on the sublease market, such as Dropbox putting 36% of its new headquarters space on the market for sublease.
64,290
+3.5%
$200,675
+11.8%
$77.90
-7.69%
23.4%
12.8%
-7.7
8.18
SOMA
South Financial District
Mission Bay
4.7 MSF
52.0 MSF
Bay Area
Currently there are 187 tenants headquartered in San Francisco with at least 500 employees worldwide; of these, 139 (74%) are tech tenants. The number of tech tenants HQed in SF with a worldwide headcount of at least 500 employees has more than doubled in the last 5 years and has increased more than 8-fold in the last decade.
Currently 14 Tech/Life Sciences tenants in the market with 100K+ sf requirements.
Sephora in the market for 250,000 SF
Square in the market for 200K sf for next-gen HQ
.....................................................................................................................................................................................
Chime pending 175,000 sf sublease
Sigma
54K SF
Corsair - Park Point, Milpitas
118K SF
Veeco - North San Jose
Apple - Cupertino
$21.6B
VC Funding – Tech
916 KSF
Tenant interest is beginning to pick back up in the first quarter of 2021. Proposals per week in 2021 are 50% higher than the average per week in 2020. 5 of the last 10 weeks have recorded most inquiries in a week since March 2020.
Tenant demand has increased by 124% since the second quarter of 2020. Tech companies currently make up 52% of all requirements.
Despite slow leasing velocity, office asking rates continue to rise, setting an all-time high in the first quarter of 2021. Average asking rates are now up to $4.81/SF.
Office sublease space is currently responsible for 23.85% of all office availability. This is up 1.8% from March 2020.
158,639
+1.4%
$337,109
+21.9%
$54.81
+11.1%
Average Asking Rent % Change from 1Q20
12.9%
1.92%
-2.7
3.04
San Jose
Mountain View
San Carlos
50.8 MSF
Sunnyvale
Redwood City
Palo Alto
-135
Sony
Marvell
Zoom
1Q21 Average Asking Rent
10.1%
Red Canary
CPB Group
20K SF
$3.1B
713K
Colorado business confidence is spiking at a rarely-seen rate as vaccinations increase and operating restrictions loosen. Business leaders rated their overall confidence at a level of 64.4 in a quarterly index released by the University of Colorado-Boulder Leeds School of Business. This nears the highest score in the 19 year history of the index.
Colorado leads the list of states with the most remote tech workers, at 8.6%.
The first quarter of 2021 saw near record levels of VC Funding activity within Colorado, totaling nearly $1.5 billion. While SAAS continues to lead all industries in total funding, Aerospace is one of the fastest growing verticals in the state.
Denver ranked #9 on the Top 100 Cities for Inbound Renter Migration.
114,900
$126,000
$16.27
16.27%
24.19%
2Q21 Office Leasing Absorption
-1.1
Downtown (LoDo/CPV, RiNo)
Boulder
2.5
2.2
Palantir
Wix
Contentful
45K SF
Largest 2020 Tech Deals
3 Tech Tenants Expanding or with Current Requirement
Amazon | April-2020
70K SF
Shopify | December-2019
Kabam | March-2020
15K SF
975 KSF
Tech sector is driving the majority of demand in the Downtown Vancouver Recovery.
Currently 500,000 RSF of tenant demand in downtown Vancouver and adjacent.
Subsequent large block requirements will require tenants target new construction delivering 2022-2024.
There are 3 remaining blocks of built space 30,000 RSF + being targeted by 6.
91,200
$71,352
$44
+1.5%
9.5%
5.7%
170
Downtown Vancouver
Yaletown
..........................................
Mt. Pleasant
3.1 MSF
Gastown
Broadway Corridor
$2.58B
AMAZON
Vancouver, Canada
ANIMAL LOGIC
PING IDENTITY
michael.wright@nmrk.com
-35 K
-2.55
270,400
+1.1%
+1.09%
Electronic Arts
Workday
27K SF
Animal Logic
Relic Games
Tipaliti
30K SF
Notable Active Requirement
Fan Duel
67K SF
Flexport
75K SF
1.9 MSF
The Atlanta region added roughly 38,500 total jobs in June, representing the best month employment gains since last August. Improvement in Atlanta’s office-using employment sectors is enhanced by the influx of major corporate relocations and expansions.
The 16 buildings under development are 46.7% pre-leased. While the properties are spread throughout the market, 40.2% of the space is under way in Midtown, Atlanta’s most bustling tech submarket.
Atlanta ranked an impressively high sixth (6th), making it the only city in the Southeast to chart in the top 10 list for Top Metro Areas that drive the electric vehicle trend in the US.
Tech incubator space gains popularity in the city by users such as Georgia Tech and Startups as the demand for flexible office space grows to meet organizational needs.
24,688
$117,946
+3.6%
$29.25
28.1%
24.0%
1.8
3.6
Midtown
North Fulton
Central Perimeter
Midtown/Buckhead and North Fulton (Office)
Northeast/I-85 Corridor
Marietta/Kennesaw (Manufacturing)
Source: beltline.org
2.7
674K
The first phase of Westside Park, located off Atlanta’s BeltLine, has opened to the public. When fully completed, the park will be 280 acres and recognized as Atlanta’s largest park. Microsoft, among other tech employers, seek to form “symbiotic relationship” with local HBCUs to promote diversity and job growth.
MessageGears
22K SF
Twitter
AirBnB
Active Requirements
Turning Point Therapeutics - Torrey Pines
185K SF
Sorrento Therapeutics – Sorrento Mesa
163K SF
Apple – Rancho Bernardo
92K SF
805K SF
1.2M SF
UTC remains the preferred submarket for FAANG and other tech companies, due to its proximity to UC San Diego and its pipeline of engineering graduates.
Developers working on massive projects Downtown are trying to attract new tech and life science tenants to the area. Stockdale Capital is converting 750K SF of creative office space and IQHQ is building 1.6M SF of new life science space.
Apple and Amazon have been the most active tech companies in the market. Apple is recruiting from the region's deep talent pool in the wireless industry, while Amazon is expanding its engineering staff alongside its massive growth of leased and under construction distribution facilities in the region.
San Diego received $6.67B in venture capital investment over the past 12 months and UC San Diego, the area’s major research university, received $1.54B in research funding in its 2021 fiscal year.
24,725
+4.8%
$151,286
+5.7%
$38.73
+2.98%
N/A
19.5%
15.6%
-1.2
2.1
UTC
Sorrento Mesa
Rancho Bernardo
Torrey Pines
Sorrento Valley
steve.bruce@nmrk.com
san francisco
Apple
-345
Clickup
2 Local Market Macro Tech Points
The Score
Wealth Simple
35K SF
Pinterest
$3.14B
Toronto is the Largest technology hub in Canada and second largest in North America with 24,000 companies and 270,000 tech workers.
$70,877
$39.12
+1.6%
6.8%
4.8%
-0.9
3.3
Downtown West
Liberty Village
Financial Core
Discovery District
Pill Hill
Netflix - Canada HQ
ADA Support
Achievers
-1.6
+8.2%
+4.31%
Sublease space continues to increase across the Downtown Core and tech sector.
Microsoft - Miami
Spotify
68K
10,665
$119,112
$40.6
+7.4%
17.0%
21%
17%
-455
933
NEW YORK
-338
SoftBank - Wynwood, Brickell
FinTech companies are moving to South Florida at a faster pace than tech firms – increasing investable funds creates an increase in start-ups or expansion of existing operations.
SoftBank launching a $100M ‘Miami Tech Fund for Miami based startups – bolstering existing Miami-based companies and attracting new talent/companies to Miami.
Miami Mayor Suarez has committed to a long-term rebrand to shift the perception of Miami as solely a vacation destination to a multi-faceted tech hub by being a business-friendly environment and responsive to the needs of the incoming tech companies.
Miami’s climate, diverse population and lack of state income tax attracting VC, Hedge Fund & PE leaders to the state acting as ambassadors for others to follow suit.
Technology industry job growth has increased 82% over past 8 years.
Many top universities rumored to be opening graduate program outposts in South Florida, specifically Miami, which will attract and retain necessary talent to bolster growth of tech and media operations in Miami.
Papa
11K SF
Apple - Wynwood, Brickell, Downtown Miami, Coral Gables
Fiserv - Miami Airport/Doral
60K SF
-5.5%
+8.0%
Zumper - Wynwood, Brickell, Downtown Miami
