Global occupier markets have been adapting to the changing ways that people live and work. The tech industry is no exception; in fact, many companies in the sector saw rapid growth in their funding and headcounts, but some have now experienced a drop-off in both. Like other industries, tech has also been affected by hybrid working trends, with some companies relocating, right-sizing, downsizing, or eliminating their office footprints altogether.

Some are consolidating into smaller but higher quality, green-certified space, which is in high demand. However, suitable green-certified spaces are more difficult to find in many markets, especially in the face of increasing levels of demand. The search for ESG-compliant spaces remains part of a broader, global trend of a flight to quality among office occupiers.

Each quarter, the Savills team of expert local tenant representation professionals and researchers present a snapshot of occupancy costs for prime office space across the global markets critical to our clients.

For this issue of Savills Prime Office Cost (SPOC) insights, we spoke with local tenant agents to understand the key trends from the tech industry and how they are affecting their markets and what their locations can expect going forward.

_{Read the articles within Spotlight: Savills Prime Office Costs – Q1 2023 below.}