Tech Industry Accounts for 11 Million Sq. Ft. of 2019's Largest Deals

Technology companies claimed the biggest share of the 100 largest office leases signed in the U.S. last year, and Manhattan ranked ahead of all other cities as the home of many of those 100 leases, according to a new report from CBRE.

“Manhattan had 33 transactions of 100,000 sq. ft. or greater in 2019, so it’s no surprise that our market had a strong showing among the top 100 biggest offices leases in the U.S. last year,” said Nicole LaRusso, Director of Research and Analysis for New York Tri-State at CBRE. “Many of our large leases were done by tech companies looking to expand in the New York market, which resulted in the tech sector being the most active sector in Manhattan for the first time ever. That said, the Manhattan market is very diverse, and companies from over eight different industry sectors were represented among New York’s contributors to the U.S. top 100 leases. No other market has the depth and diversity of demand, making New York an especially attractive place for office investment.”

CBRE’s analysis of the 100 largest office leases signed last year found that the tech industry’s presence grew as the leases got bigger. Tech companies accounted for 32.4% of the nation’s 100 largest leases, outstripping its 21.9% share of overall office leasing activity in 2019. Manhattan had the largest number of leases in the top 100, posting 23 transactions totaling more than 11 million sq. ft.

In addition to tech, the other tenant industries reflected in Manhattan’s contribution to the top 100 U.S. office leases were retail, manufacturing & transportation, healthcare & education, financial services & insurance, creative industries and coworking.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.