Tech-related leases gobble up more than 35% of DFW so far in fourth quarter, CBRE says – Dallas Business Journal – Dallas Business Journal

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Tech is showing up more in local offices, new research shows.
In North Texas, technology-related leases are grabbing a larger slice of square footage of the overall market in an already expansive year. Locally, 38% of the activity so far in the fourth quarter was tech-related, according to research by CBRE. That’s more than twice the percentage in both the second and third quarters – and ahead of the nearly 25% in the first period of this year.
The latest quarter’s data also exceeds tech’s role in the market last year. Tech-related leases accounted for 15% or less in the first half of the year, followed by a third quarter of nearly 30% before it dropped to less than 10% in the final three months.
“The numbers show that tech companies are continuing to grow and be one of the most active industries to set up their offices in Dallas,” said Clay Vaughn, senior vice president and co-leader of CBRE’s tech and media practice group in Dallas, in emailed statements.
A broader look at the entire country shows tech’s progress as well. The annual Tech-30 report showed the sector took a 22% share of U.S. office-leasing activity in the second and third quarters combined. That’s up from 17% for all of 2020.
The technology sector has often found itself on the front lines of the debate about remote work and whether offices are necessary, or less space is needed. Yet the tech space is showing some resiliency.
Tech companies need an environment where they can meet and collaborate in person, helping attract and retain the best employees, Vaughn said.
“Companies are figuring out how to find a balance with hybrid work and Dallas’ market fundamentals make it attainable to have top of the line office spaces while also giving their employees some flexibility,” Vaughn said. “The higher numbers in the fourth quarter show that tech companies see Dallas as a natural fit to progress their company goals as we move forward from the pandemic.”
Earlier this year CBRE counted the Dallas region as the No. 13 city for tech companies in the annual “Scoring Tech Talent” report.
“Across DFW and in Far North Dallas especially, there is growth because of the ability to pull from many areas within the metroplex, which is a plus for recruiting,” Vaughn said.
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