Denver's sublease availability reached an all-time high of 6.3 million square feet (msf), up 47% from 4.3 msf oneyear ago, as companies look to control costs and navigate economic uncertainty. As the technology sector pauseshiring practices, expect low office demand and tenant-favorable market conditions to remain in 2023.
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Savills Pulse & Perspectives: Workplace
Despite sweeping tech sector layoffs due to adjustments in over-hiringand falling short of forecasted growth, unemployment rates remainlow. For skilled labor in cloud computing, tech sales, and cybersecurity, it takes less than three months after a layoff to pivot intohigher growth sectors among mature and digitally transformedorganizations such as automotive, healthcare and logistics. A data-driven location and labor strategy across every industry remainscritical to achieving financial and growth objectives.
- Amy Fobes
Portfolio Solutions Group, Savills North America