The tide is changing for the tech sector with a drop in venture capital funding, office leasing stalling, and layoff announcements hitting headlines across the nation. Tech firms are looking to cut costs and right size amid quickly shifting market dynamics.
As labor market dynamics shift, office utilization is paradoxically expected to rise as those employers wanting greater office attendance will have more leverage to get it. While this might not result in an increase in new demand for office space in the near term, astute leaders with a clear vision for how they want to use space will be able to take advantage of tenant-favorable market conditions to upgrade their employee experience for dramatically less than what it would have cost pre-pandemic.
