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Wednesday, March 21, 2012

The office expansion of the Tech companies

Livingsocial Office in DC by Inc magazine
As mentioned in the Wall Street Journal article -Tech firms go Far and Wide for Space-, while many law and financial companies are downsizing, tech firms are taking more and more space throughout the country.

According to Jones Lang LaSalle Inc – a real-estate-services firm- “Companies in the tech sector accounted for 29% of all growth in the U.S. office market in 2011”

Google is adding office space in Pittsburgh, PA and Cambridge MA not to mention the building they bought in Chelsea, NY which gives their 3000 NYC staff members 2.9 million square feet in this building alone.

(Click here to see a WSJ video of Google's NYC offices)

Yelp is also moving to a new loft office space in Union Square, NY.

But New York isn't the only city that has felt the tech expansion. According to Cushman & Wakefield in Chicago 10% of all the office leasing in 2010 and 2011 was for tech firms.

Groupon took 360,000 office space in Chicago Avenue.

In this article by Inc magazine, it mentions Livingsocial also expanded their Washington DC office space in the downtown area, which has become a tech hub where all major social media companies are also located.

Of course the West Coast, specially California, home of most of these tech companies is also witnessing the change.

Zynga is growing it's main office space in San Francisco and Amazon is buying office space in Seattle to develop around 3 million square feet by it's headquarter.

As the big players continue to set the trend, we'll see smaller software and tech oriented companies to grow in the rest of the country.

If you are looking for executive suites please contact OfficeList and we'll be glad to help.


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