2025年美国科技趋势报告：14个区域劳动力市场、风投与租赁动态分析 U.S. Tech Trends

COLLIERSU.S.RESEARCHJULY2025

U.S.TechTrends

INTRODUCTION

ThetechnologyindustryhasbecomeamajordriveroftheU.S.office

marketoverthepastthreedecades.Whilethemainconcentrationof

techtalentandcompaniesremainsintheSanFranciscoBayArea,manyfirmshavebeenfoundedinorexpandedsignificantlyintoothermarketsoverthelastdecadetobenefitfromlower-costrealestateandhighly

educatedworkforces.Althoughtechnologycompaniesoperateinnearlyeverymarketacrossthecountry,Colliersanalyzedactivityin14regionstobetterunderstandthelocallabormarkets,venturecapitalfunding,andleasingtrendsforthesespecifictechmarkets.

EconomicOverview 3

VentureCapitalOverview 4

TechnologyOfficeMarkets 5

In-depth:IndividualOfficeMarketTrends 7

Atlanta8

Austin 9

Boston 10

Dallas-FortWorth 11

LosAngeles 12

Manhattan 13

Nashville 14

Phoenix 15

Portland 16

SaltLakeCity 17

SanFranciscoBayArea 18

Seattle 19

SouthFlorida 20

Washington,DCMetro 21

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends2

U.S.TECHTRENDS

EconomicOverview

Colliershasgatheredrelevantlabormarketdatatohelp

occupiersandlandlordsbetterunderstandthetechtalent

landscapeacrossmarketsandhowindividualregionscomparetotheU.S.averagefortechemployees.

Labormarketperformanceandopportunitiesvariedbetweentechmarkets,especiallybetweenemergingtechhubsandestablishedheadquartersmarkets.GeneralpopulationgrowthwashighestinemergingmarketssuchasAustin,Nashville,andDallas-FortWorth,whileitdeclinedintheBayAreaandLosAngelesoverthepastfiveyears.Theshifttohybridworkandmoreaffordablelivingcosts

werelikelykeydriversofpopulationtrends.Jobgrowthfollowedasimilarpattern,withAustin,Dallas-FortWorth,andNashvilleleading,whiletheBayAreaandLosAngelescontinuedtolag.

However,five-yearprojectionsdoshowtheBayArearebounding,withnearlydouble-digitjobgrowth.Austin,SaltLakeCity,and

Dallas-FortWorthareexpectedtoreportthestrongesttechjobgrowthoverthenextfiveyears.

Employeeearningsserveasastrongindicatorofworkforce

qualityanddirectlyinfluencetalentcosts.Coastalmarketsledinaverageearnings,withthehighestlevelsseenintheBayAreaandSeattle,followedbyBoston,Washington,DC,andNewYorkCity.However,thesemarketsalsoreportedsomeofthehighestlivingcosts.AllmarketsinColliers’technologysegmenthadahigher

percentageofworkerswithabachelor’sdegreethanthenationalaverage.EducationalattainmentwashighestintheWashington,DC.Metro,Boston,andtheSanFranciscoBayArea,indicatingastableandhighlyskilledtalentpool.

Regions

METROSOVERALL

TECHNOLOGYOCCUPATIONS

Historical

PopulationChange%(2019-2024)

Projected

PopulationChange%(2024-2029)

JobsChange%(2019-2024)

CurrentAverageEarnings

COLIndex

Bachelor'sDegreeorHigher%

GRP

ProjectedJobChange

%(2024-2029)

2019-2024%

ChangeinResident

Workers

Atlanta

5.4%

5.2%

6.4%

$88,082

96.5

41.8%

$579.3B

9.9%

0.2%

Austin

13.7%

12.2%

17.9%

$97,788

97.1

50.5%

$266.8B

20.0%

21.5%

Boston

1.0%

0.7%

(0.7%)

$114,285

135.1

52.2%

$633.8B

5.7%

(3.5%)

Dallas-FortWorth

8.8%

8.9%

10.2%

$89,513

99.2

39.0%

$833.0B

16.1%

20.6%

LosAngeles

(3.9%)

(4.2%)

(0.5%)

$93,042

158.3

37.4%

$1,323.5B

3.5%

6.1%

Manhattan

1.6%

0.4%

1.0%

$112,860

138.5

44.1%

$2371.8B

9.9%

6.5%

Nashville

9.1%

7.6%

10.1%

$83,767

96.0

40.5%

$217.4B

15.6%

21.0%

Phoenix

3.0%

3.3%

10.1%

$82,239

108.6

34.6%

$414.1B

10.0%

0.6%

Portland

0.6%

(0.1%)

1.0%

$91,007

120.2

42.4%

$224.2B

8.0%

8.2%

SaltLakeCity

3.4%

2.2%

9.3%

$88,233

105.2

38.1%

$147.6B

18.0%

22.3%

SanFranciscoBayArea

(3.8%)

(3.4%)

(2.0%)

$162,283

156.6

51.5%

$1,300.0B

8.7%

(0.3%)

Seattle

1.9%

1.4%

1.0%

$125,018

123.2

47.0%

$582.2B

14.2%

(0.1%)

SouthFlorida

0.5%

1.0%

7.4%

$83,564

111.8

36.4%

$583.0B

9.9%

15.7%

Washington,DCMetro

2.2%

2.0%

0.9%

$114,098

117.3

53.9%

$723.6B

4.7%

(1.5%)

UnitedStates

2.5%

2.3%

4.1%

$85,779

100.0

35.5%

$28,664.8B

11.0%

10.9%

Source:Lightcast

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends3

U.S.TECHTRENDS

VentureCapitalOverview

VCFunding–20-yeartrend

Thefirstquarterof2025wasthestrongestonrecordforventurecapitalraisedacrosstheU.S.,fueledbycontinuedgrowthin

artificialintelligence(AI).Notably,about37%ofthetotalcapitalraisedwasconcentratedinasinglelate-stageroundtoindustryleaderOpenAI.Amongthetechsectorshighlightedinthisreport,AIwasthedominantindustryduringthequarter,although

othersectorsalsohadstrongperformances:alternativeenergyequipment,cleantech,andadvancedmanufacturingranked

amongthetop10largestdeals,whilehealthtech,fintech,ande-commerceappearedinthetop20—highlightingthewiderangeofinnovationdrivinggrowthinmajorU.S.markets.

Colliers-designatedTechMarketsaccountedfor72.3%ofall

U.S.venturecapitalraisedinQ12025,slightlybelowthe20-

yearhistoricalaverageof73.4%since2006.Despitesome

concentrationinAI,VCspendingclearlyshowsastrongrecovery.Evenwhenexcludingmega-roundslikethe$40billionOpenAI

deal,ifcurrenttrendscontinue,2025isontracktobethesecond-highestyearforventurefundingonrecord.However,several

macroeconomicandgeopoliticalfactorscouldinfluencefundingfortherestoftheyear.

AnnualVCFunding

100.0%

90.0%

80.0%

70.0%

60.0%

50.0%

40.0%

$450,000.00

$375,000.00

$300,000.00

$225,000.00

$150,000.00

$75,000.00

$0.00

2006200720082009201020112012201320142015201620172018201920202021202220232024YTD

2025

TechMarkets($mil)RemainingUnitedStates($mil)TechMarkets%U.S.Funding

Source:Lightcast

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends4

U.S.TECHTRENDS

Technology

OfficeMarkets

TheColliers-designatedTechMarketswereheavilyimpactedbythe

COVID-19pandemic,astechnologycompanieswereamongthefirst

toadoptaremote-firstworkmodelformostemployees.Thisoccupier

segmenthasbeencomparativelyslowtobringworkersbackintotheofficeregularlyduetoconcernsaboutrecruitingandretainingtalent.Morethan90MSFwasreturnedacrossthese14regionsin2020and2021,nearlytwo-thirdsofthetotalspacereturnednationwide.However,inthelasttwoyears,marketshavesignificantlyimprovedasreturn-to-officemandatesbegan,

whetherthroughfullyin-officearrangementsoraformalhybridmodel.

Ananalysisoftechnologyleasessignedduringthefirstquarterof2025in

thesemarketsshowssignsofapotentialindustryrecovery.Sixtypercentoftheleasesrepresentnewgrowthinoccupancyorincreasedspaceneeds,

whileonly4%ofleaseswereforspacereductions.Thisgrowthislikelyto

improvemarketfundamentalsoverthenextyearascompaniesexpandintonewspaces.

Q12025TopTechTransactions

TransactionType

New

Renewal

Sublet

Expansion

Renewal/Expansion

EffectonMarket

Growth

NoEffect

Contraction

50%

27%

18%

3%

2%

60%

36%

4%

TechMarketFundamentals

SquareFeet

60,000,000

30,000,000

-

(30,000,000)

(60,000,000)

(90,000,000)

20202021202220232024Q12025NetAbsorptionDeliveriesVacancy

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends5

Colliers,U.S.techmarketsinclude3.0BSFof

officespace,nearlyhalfofthecountry’soffice

inventory.Inthefirstquarterof2025,net

absorptionwas1.1MSFandvacancyrates

averaged19.2%.Thissuggestsincreasingstabilityacrosseachregion,withconfidencethatmany

areatthebottomofthemarketcycleoronthewaytorecovery.Thedeclineinnewdevelopmentwillhelpleasingofexistingspace,butpremiumpropertiesstillhavelimitedavailability.Thetechmarketsremaininfavoroftenants,whilethe

remainingmarketsintheU.S.aremoreevenlysplitbetweenfavoringtenantsandbeingclosertobalanced.

U.S.techmarketsofficespace

3.0BSF

MarketCycleProjectionbyYear-End2025

Atlanta,Austin,Dallas-Ft.Worth,Manhattan,

SanFrancisco

Nashville,Phoenix,SaltLakeCity,SiliconValley,SFPeninsula

SouthFlorida

Portland

Washington,DCMetro

Boston,EastBay,NorthBay,LosAngeles,Seattle

Key

Moment

Rentalratesgrowthslowing

Rentalrates

growth

accelerating

Key

Moment

Rental

ratesfalling

Rentalrates

bottoming

out

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends6

U.S.TECHTRENDS

In-depth:

IndividualOffice

MarketTrends

Thefollowingpageswillincludeadeeperlookatthetrendsandactivityineachregion’sofficemarket.Colliershashighlightedrecenttechnologytransactions,thetopthreeVCfundingindustrysegments,technology

trendsofnoteforeachmarket,andanoverviewofleasingfundamentals.

OfficeMarket

Inventory

VacancyRate

NetAbsorption(12-MonthTrailing)

Deliveries(12-MonthTrailing)

AskingRentalRate($/SFFSG)

Atlanta

237,022,408

20.6%

(1,972,237)

1,193,011

$31.63

Austin

91,553,687

23.1%

(69,978)

1,043,160

$46.98

Boston

189,645,314

23.6%

70,059

1,532,500

$44.25

Dallas-FortWorth

326,795,852

20.5%

2,416,652

3,369,904

$31.36

LosAngeles

223,946,752

23.8%

(1,407,059)

669,475

$47.42

Nashville

57,140,807

19.8%

1,229,252

1,263,413

$35.61

Manhattan

531,024,583

11.2%

12,228,534

832,551

$74.14

Phoenix

163,524,248

19.7%

(441,426)

607,637

$30.38

Portland

68,274,004

24.9%

(1,749,650)

63,899

$32.02

SaltLakeCity

59,642,985

21.1%

58,585

75,000

$27.04

SanFranciscoBayArea

357,214,780

21.5%

(6,987,565)

2,792,461

$62.04

Seattle

137,797,866

24.1%

(1,179,327)

1,521,622

$42.16

SouthFlorida

162,473,189

11.4%

600,350

2,025,211

$48.29

Washington,DCMetro

433,024,920

20.4%

(3,524,228)

1,285,187

$41.89

TechMarkets

3,039,081,395

19.2%

(728,038)

18,275,031

$46.23

DataasofQ12025

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends7

Atlanta

MarketTrends

Atlanta’semergenceasamajordatacenterhubhascreatedsignificantdemandforofficespacefromAIcompanies,cloudproviders,anddataanalyticsfirms.

Thecity’sfiberconnectivityandpowerinfrastructuremakeitattractivefortechcompaniesrequiringhigh-performancecomputingcapabilities.

Atlanta’spositionasafinancialservicescenterhasattractednumerousfintechstartupsandestablishedcompaniesexpandingtheirpresence.Payment

processors,digitalbankingplatforms,andfinancialsoftwarecompaniesareleasingsubstantialofficespace,particularlyinMidtownandBuckhead.

LargetechnologycompaniesareestablishingsignificantsatelliteofficesinAtlantaaspartofgeographicdiversificationstrategiesduetothecombinationoflowercostscomparedtoSiliconValley,stronguniversitytalentpipeline,andbusiness-friendlyenvironment.

MarketFundamentals

SquareFeet

6,000,000

4,000,000

2,000,000

-

(2,000,000)

(4,000,000)

20202021202220232024Q12025

25.0%

20.0%

2.

15.0%

10.0%

5.0%

0.0%

Top3VCSegments

1.Business/Productivity

ElectronicEquipment&Instruments

3.FinancialSoftware

CapitalInvested

$1.48B

VCDealCount

231

VCfundingreportedQ22024-Q12025.

Software

NetAbsorptionDeliveriesVacancyRate

TopTechTransactions

Quarter

Tenant

Size(SF)

Address

Submarket

Market

DealType

NetEffectonMarket

Q22025

TriNetGroupInc.

150,000

211PerimeterCenterPlNE

CentralPerimeter

Atlanta

New

Growth

Q12025

VensureEmployerSolutions

90,350

6700SugarloafPky

NortheastAtlanta

Atlanta

New

Growth

Q12025

Duracell

55,884

101NeremStNW

Downtown

Atlanta

New

Growth

Q22025

StubHub

55,866

7000CentralPark

CentralPerimeter

Atlanta

Sublet

Growth

Q12025

MerchantE

28,193

1150SanctuaryPky

NFulton

Atlanta

Sublet

Growth

Q12025

Shift4

25,529

3RaviniaDr

CentralPerimeter

Atlanta

Sublet

Growth

Note:DataisasofQ12025.

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends8

Austin

MarketTrends

Austin’stechsectorisexperiencingadownturninemployment,witha1.6%

decreaseinBigTechjobsanda4.9%dropinstartupemploymentin2024.Thisshiftisattributedtofactorssuchasreturn-to-officemandatesandtheconsolidationofAI-relatedrolesincoastalcitieslikeSanFranciscoandNewYork.

InQ12025,startupsintheAustinregionraisednearly$3.4billionacross86deals—asharpincreasefromQ4andanewall-timehigh.Thislocalmomentumisreflected

globally:newdatafromDealroom.coranksAustinamongthetop10innovationecosystemsworldwide,with21%year-over-yearventurecapitalgrowth.

Austinisrapidlyestablishingitselfasaprominentcenterforartificialintelligence

(AI)innovation.Thecityhostsover3,000techcompanies,andTexasisprojected

toseea27%growthinAI-relatedjobsoverthenextdecade,rankingfourth

nationallyforAI-relatedjobpostings.Additionally,TexasisimplementingpoliciestoensureresponsibleAIdeployment,includinghumanoversightrequirementsandenvironmentalimpactassessments.

MarketFundamentals

SquareFeet

4,500,000

3,000,000

1,500,000

-

(1,500,000)

(3,000,000)

20202021202220232024Q12025

25.0%

20.0%

2.

15.0%

10.0%

5.0%

0.0%

Top3VCSegments

1.OtherHardware

ElectronicEquipment&Instruments

3.Business/Productivity

CapitalInvested

$2.48B

VCDealCount

162

VCfundingreportedQ22024-Q12025.

Software

NetAbsorptionDeliveriesVacancyRate

TopTechTransactions

Quarter

Tenant

Size(SF)

Address

Submarket

Market

DealType

NetEffectonMarket

Q12025

BigCommerce

65,050

11920DomainDr

North/Domain

Austin

Sublet

NoEffect

Q12025

NinjaOne

60,033

301CongressAve

CBD

Austin

New

Growth

Q12025

Spectrum

40,536

11921MoPacExpyN

North/Domain

Austin

Renewal

NoEffect

Q12025

LegalZoom

30,654

11501DomainDr

North/Domain

Austin

New

Growth

Q12025

Rubrik

30,590

2043SLamarBlvd

South

Austin

Sublet

NoEffect

Q12025

Meta

25,000

300W6thSt

CBD

Austin

New

Contraction

Q12025

Navan

20,901

501CongressAve

CBD

Austin

New

Growth

Note:DataisasofQ12025.

EconomicOverview

U.S.TechTrendsVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends9

Boston

MarketTrends

Techleasinghasslowedconsiderablyinrecentyears.Tech/informationfirmscomprised35%oftenantsinthemarketinearly2019,easilytoppingallotherindustries.Today,suchcompaniesonlyaccountfor10%ofactivetenants.

Theslowdownintech-industryleasinginBostonhasimpactedoccupanciesintraditionallytech-heavysubmarketslikeEastCambridgeaswellasinlow-risespaceincoreBostonsubmarkets.

Boston’swell-educatedandsizabletechworkforceallowsthemarkettosuccessfullycompeteforhigh-value-addcompanies.

MarketFundamentals

SquareFeet

4,800,000

2,400,000

-

(2,400,000)

(4,800,000)

(7,200,000)

20202021202220232024Q12025

NetAbsorptionDeliveriesVacancyRate

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Top3VCSegments

1.Biotechnology

2.DrugDiscovery

3.Business/Productivity

CapitalInvested

$15.77B

VCDealCount

1,014

VCfundingreportedQ22024-Q12025.

Software

TopTechTransactions

Quarter

Tenant

Size(SF)

Address

Submarket

Market

DealType

NetEffectonMarket

Q12025

Klaviyo

256,000

125SummerStreet

Downtown

Boston

Renewal/Expansion

Growth

Q12025

Advisor360˚

83,500

400FirstAvenue

128MassPike

Boston

New

Growth

Note:DataisasofQ12025.

VentureCapitalOverview

EconomicOverview

U.S.TechTrendsTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends10

Dallas-FortWorth

MarketTrends

Dallascontinuestoemergeasadynamictechhub,drivenbyrobustjobgrowthandsubstantialinvestmentinstartups.Demandforprofessionalsskilledin

softwaredevelopment,artificialintelligence,cybersecurity,anddatascience

remainshigh.Companiesaresteppingupwithcompetitivesalariesandflexibleworkoptionstosecuretoptalent.

NvidiaisbuildingamajorAIsupercomputermanufacturinghubinNorthTexasaspartofits$500billionU.S.infrastructureinvestment.Inpartnershipwith

Wistron,thenearly$687millionFortWorthfacilitywillspanupto1millionsquarefeetandcreatethousandsofhigh-techjobs.Thesitewillfeature

advancedtechnologieslikeNVIDIAOmniverseandIsaacrobotics.

AsDallasrapidlyintegratesAIintocityservices,concernsaremountingaroundalgorithmicbias,privacyrisks,andenvironmentalsustainability.Inresponse,

Dallasofficialsarepromisingaudits,training,andoversight,butadvocatesstressthattransparencyandcommunityinputwillbeessentialasAIadoptionexpands.

MarketFundamentals

SquareFeet

7,500,000

5,000,000

2,500,000

-

(2,500,000)

(5,000,000)

20202021202220232024Q12025

NetAbsorptionDeliveriesVacancyRate

22.0%

21.0%

20.0%

19.0%

18.0%

17.0%

Top3VCSegments

1.Business/Productivity

2.FinancialSoftware

3.&

CapitalInvested

$1.83B

VCDealCount

215

VCfundingreportedQ22024-Q12025.

Software

TopTechTransactions

Quarter

Tenant

Size(SF)

Address

Submarket

Market

DealType

NetEffectonMarket

Q12025

SamsungSDS

32,424

3033WPresidentGeorgeBushHwy

Plano

Dallas/FtWorth

New

Growth

Q12025

TopazLabs

28,200

5100BeltLineRd

Quorum/BentTree

Dallas/FtWorth

New

Growth

Q12025

Via

26,886

5800TennysonPky

UpperTollway/WestPlano

Dallas/FtWorth

New

Growth

Q12025

Orion102

23,386

600ELasColinasBlvd

UrbanCenter/Wingren

Dallas/FtWorth

New

Growth

Q12025

GlobalStep

18,235

501WPresidentGeorgeBushHwy

Richardson

Dallas/FtWorth

New

NoEffect

Q12025

PhotonInfotech

12,684

4835LyndonBJohnsonFwy

EastLBJFreeway

Dallas/FtWorth

New

Growth

Q12025

Zimperium

11,000

4055ValleyViewLn

WestLBJFreeway

Dallas/FtWorth

Renewal

NoEffect

Note:DataisasofQ12025.

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends11

LosAngeles

MarketTrends

ThetechsectorinLosAngeleshasundergoneacontractionoverthepastfewyears,withhiringfreezes,workforcereductions,andmoreselectivecapital

deployment.

OfficeleasingactivityfromthetechsectorinLosAngeleshascorrespondinglyexperiencedasubstantialdeclinecomparedtopre-pandemiclevels.Whilethemarketsawahandfulofnotableleaserenewalsinearlieryears,nosignificantnewleasetransactionsfromtechfirmshavebeenrecordedin2025.

Techsectorleasingisexpectedtoremainweakinthenearterm,constrainedbypersistentspacerationalization,subduedheadcountgrowth,andlimitedappetiteforlong-termofficecommitments.

MarketFundamentals

SquareFeet

1,750,000

-

(1,750,000)

(3,500,000)

(5,250,000)

(7,000,000)

20202021202220232024Q12025

NetAbsorptionDeliveriesVacancyRate

30.0%

24.0%

18.0%

12.0%

6.0%

0.0%

Top3VCSegments

1.Aerospace&Defense

2.Business/Productivity

3.FinancialSoftware

CapitalInvested

$10.65

VCDealCount

1,109

VCfundingreportedQ22024-Q12025.

Software

TopTechTransactions

Quarter

Tenant

Size(SF)

Address

Submarket

Market

DealType

NetEffectonMarket

Q12025

TetraTech

28,184

3475E.FoothillBoulevard

Pasadena

Tri-Cities

Renewal

NoEffect

Q12025

Microsoft

22,612

13031W.JeffersonBoulevard

PlayaVista

WestLosAngeles

Renewal

NoEffect

Q12025

DolbyLaboratories

21,847

3601W.AlamedaAvenue

Burbank

Tri-Cities

Renewal

NoEffect

Note:DataisasofQ12025.

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends12

Manhattan

MarketTrends

Amazon’ssubleaseat237ParkAvewaspartofcontinuedtrendof

Amazon’sexpandingfootprintinashort-periodstartingQ42024,throughvariousmethodsincludingsubleasing,coworking,directleasing,and

buildingacquisition.

AIcontinuestogrowinManhattan,albeitmostlyinthesmallerdealsizes

(5,000-25,000SF).SevenseparateAIleasessignedinQ12025,allinthe

5,000-25,000SFrangetotaled85,000SF.Additionally,theseAIleaseswere

spreadacrossvariousneighborhoodssuchasSoHo,MurrayHill,theFinancialDistrict,Chelsea,TimesSquare,andPennPlaza/GarmentDistrict.

AlthoughtechdealsarefoundinallthreeManhattanmarkets,MidtownSouthcontinuestodrivethebulkoftechdemand,accountingfor73%ofalltech

volume(5,000+SF)in2024.

MarketFundamentals

SquareFeet

18,000,000

9,000,000

-

(9,000,000)

(18,000,000)

(27,000,000)

20202021202220232024Q12025

15.0%

12.0%

9.0%

6.0%

3.0%

0.0%

Top3VCSegments

1.Business/Productivity

2.Biotechnology

3.ieInformation

CapitalInvested

$28.33B

VCDealCount

2,151

VCfundingreportedQ22024-Q12025.

Software

NetAbsorptionDeliveriesVacancyRate

TopTechTransactions

Quarter

Tenant

Size(SF)

Address

Submarket

Market

DealType

NetEffectonMarket

Q12025

Amazon

193,431

237ParkAvenue

Midtown

Manhattan

Sublet

Growth

Q12025

IBM

92,663

1MadisonAvenue

MidtownSouth

Manhattan

Expansion

Growth

Q12025

Intuit

76,203

51AstorPlace

MidtownSouth

Manhattan

Expansion

Growth

Note:DataisasofQ12025.

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends13

Nashville

MarketTrends

Nashvilleisoneofthefastest-growingtechhubsinthenation.Themetro’s

technologysectorhasalocaleconomicimpactof$8billion,andencompasses62,000jobs.Ofnote,muchofNashville’stechnologysectorisembeddedin

healthcare,theregions’largesteconomicdriver.

Nashville’stechsectorhasexperiencedsignificantgrowthinrecentyears,

bolsteredbymajorplayerslikeAmazonandOracleestablishingapresenceinthemarket.Together,thesecompaniesnowoccupymorethan1.2millionsquarefeetacrossthecity.

Newmixed-usedevelopmentsareinhighdemandascompaniesvietoattractandretaintoptalent.ThisisespeciallyevidentintheDowntownsubmarketandsurroundinghotspotsliketheGulch,Midtown,andEastBank,wheretech-sectorleasingactivityremainsparticularlystrong.

MarketFundamentals

SquareFeet

2,800,000

2,100,000

1,400,000

700,000

-

(700,000)

20202021202220232024Q12025

25.0%

20.0%

15.0%

10.0%

5.0%

0.0%

Top3VCSegments

1.OtherHealthcare

2.ieInformation

3.OutcomeManagement

CapitalInvested

$0.81B

VCDealCount

98

VCfundingreportedQ22024-Q12025.

TechnologySystems

(Healthcare)

NetAbsorptionDeliveriesVacancyRate

TopTechTransactions

Quarter

Tenant

Size(SF)

Address

Submarket

Market

DealType

NetEffectonMarket

Q12025

Oracle

65,548

50011thAveN

Downtown

Nashville

Sublet

NoEffect

Q12025

Oracle

31,578

60111thAveN

Downtown

Nashville

Renewal/Expansion

Growth

Q12025

GoogleFiber

10,203

4101CharlotteAve

WestEnd

Nashville

New

Growth

Note:DataisasofQ12025.

U.S.TechTrendsEconomicOverviewVentureCapitalOverviewTechnologyOfficeMarketsInDepth:IndividualOfficeMarketTrends14

Phoenix

MarketTrends

Amazonislookingfor200-400kSFtoexpandwithinthemarket.

Techleasingwasslowerinthefirstquarterof2025,butexpectedtoreboundthroughouttheyear.OpenDoorput33,000SFonthesubleasemarket,whic