MARKET TAKEAWAYS

The ongoing pandemic hasn’t completely halted the largest tech companies from moving ahead with plans to take down and occupy more space; in 2020 there were 6 transactions exceeding 100,000 square feet (ie, Apple, Facebook, TikTok).

While "big tech" has demonstrated a long-term commitment to growing office presence, smaller tech firms have displayed less certainty, with most postponing real estate decisions and others looking to sublease their current space.

Following 2020's largely successful work-from-anywhere experiment, many tech companies are exploring ways to reduce their real estate footprint, through the utilization of hoteling and agile working, non-dedicated seating, and a larger work-from-anywhere contingent.

With surging sublease space reaching the highest level this century, office occupiers have an abundance of shorter- and flexible-term options.

Despite the current vaccine rollout, it will still be several quarters before workers return to the office in earnest; therefore the full implications of the shift from in-office work to work-fromanywhere will not be seen for some time, until new location strategies take form and are implemented.

Read the full report