Majority of Largest U.S. Office Leases of 2019 Were Signed by Tech Firms

WORLD PROPERTY JOURNAL | March 06, 2020

Majority of Largest U.S. Office Leases of 2019 Were Signed by Tech Firms
Global commercial real estate advisory firm CBRE is reporting this week that U.S. 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 huge leases. 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. Specifically, tech companies accounted for more than 32.4 percent, by square footage, of the 100 largest leases, well ahead of tech's 22 percent share of overall office leasing last year. Other industries claiming large shares of the top 100 are financial services and insurance (13.5 percent) and government and nonprofits (11.2 percent). The tech industry's outsized share of the largest U.S. office leases underscores the preference of big tech companies for corporate campuses and multiple-floor assignments in office buildings, said Ian Anderson, CBRE's Americas Head of Office Research. "We expect this to continue in 2020, since tech companies represent nearly 40 percent of the 100 largest office-lease requirements currently in the market looking for space.

Spotlight

Incorporated in 1948, Weingarten Realty Investors (NYSE:  WRI) is one of the largest and oldest real estate investment trusts listed on the New York Stock Exchange.  As a commercial real estate owner, manager and developer

Related News

OSCRE International Announces it will provide the Real Estate Industry with Free and Open Access to the OSCRE Industry Data Model

OSCRE | August 17, 2020

The current environment has confirmed the challenges many organizations face in gathering lease information for discussions with tenants around modifications to existing lease agreements. The IDM provides a framework for core real estate functions with more than 130 use-cases covering leasing, space management, facilities management work orders, investment management and more. It has been developed over nearly 20 years in collaboration with real estate owners, occupiers and investors, service providers, leading software companies and other real estate industry stakeholders.

Read More

AccuTitle announced the acquisition of Florida-based Landtech Data Corp

AccuTitle | July 03, 2020

AccuTitle, a leading provider of title management platforms focused on streamlining the real estate title production and closing process, has announced the acquisition of Florida-based Landtech Data Corp. This acquisition increases AccuTitle's client base to over two thousand title organizations and adds key states to its offering. The industry experts at AccuTitle and Landtech, together with the recently acquired Closers' Choice team, create an outstanding leadership lineup to drive the TitleFusion product. TitleFusion is a cloud-based, leading- edge solution which can be accessed securely from anywhere, anytime through all major browsers. This product is suitable for most of the Eastern seaboard, Gulf Coast as well as other states. Title professionals will have the option to choose between the current solutions offered by Landtech and Closers' Choice, and the best-of-breed TitleFusion platform.

Read More

REAL ESTATE TECHNOLOGY

Investors in commercial real estate must foster discussions, especially during a pandemic.

prnewswire | November 19, 2020

Business property estimations have changed over the most recent a half year because of the pandemic and land is at present in an unchartered area. That is as indicated by the leader of business land financier NAI Pleasant Valley, Alec Pacella, who spoke Wednesday at the 2020 REALTORS Conference and Expo. Pacella, who facilitated a meeting named, "Selling CRE Properties: How COVID-19 Impacts the Numbers," summed up the ongoing history of the business land industry, including its estimating file, esteem pinnacles and purchaser desires. "In the early part of last decade – 2006, 2007, 2008 – expectations were actually greater than the pricing index. There was more demand than there was supply." Yet, in 2009 and 2010, as Pacella notes, desires were lower than the estimating list. Therefore, interests in business land were almost nonexistent. "No deals were happening then," he said. "You couldn't give real estate away in a lot of markets because the expectations were so low." The situation Pacella portrays isn't not normal for the present status of business land, the same number of proprietors of once-beneficial organizations have watched famous chains battle or be compelled to forever close their entryways. Pacella says the way to exploring this market is for land owners and speculators to look after exchange. Also, as a result of the market's repeating nature, Pacella says financial specialists will need to be in position to underwrite when conditions ultimately improve. "In an uncertain market, it's critical to keep conversations going." Having a strategy to engage in open conversation, he says, could eventually lead to a deal in the future. In the business land area, exchanges can happen when markets are rising or falling, as indicated by Pacella. "We could sit there and sit on our hands and say 'we're out of business; come talk to me in 2021, 2022 when things get back.' No, that's not what we do, that's not how most of us are wired." The National Association of Realtors® is America's biggest exchange affiliation, speaking to more than 1.4 million individuals engaged with all parts of the private and business land enterprises.

Read More

Spotlight

Incorporated in 1948, Weingarten Realty Investors (NYSE:  WRI) is one of the largest and oldest real estate investment trusts listed on the New York Stock Exchange.  As a commercial real estate owner, manager and developer