D-FW Poised to Gain Tech Sector Jobs After COVID-19
The COVID-19 pandemic has put a chill on the tech sector’s demand for office space. But the Dallas-Fort Worth area is still on the list of markets expected to see the most growth in tech industry employment, according to a report by commercial property firm CBRE.
U.S. office leasing by tech firms was down 46% at midyear compared with average 2019 activity, CBRE researchers found. And tech companies have increased their surplus sublease space around the country by more than 40%.
“Remote work policies for many major tech companies have been extended to 2021, which likely will restrain leasing activity until then,” the property firm says in a new report. "Tech industry growth prospects are strong once the COVID-19 pandemic subsides. The high-tech industry has unique opportunities to accelerate the digital economy by empowering businesses and individuals.”
Between 2010 and early 2020, more than 1 in 4 U.S. jobs requiring office space were generated by tech firms, CBRE found. And during the pandemic, the number of tech sector jobs has fallen only by 1.6% — well below losses by other industries hit by the resulting economic downturn. In 2018 and 2019, before the pandemic hit, the tech industry was expanding its footprint in Dallas-Fort Worth by more than 16%. That made the D-FW area the seventh-fastest growing tech market in the country, according to CBRE, accounting for 27% of new office using jobs.
More than 115,000 jobs in North Texas are in the tech industry or tech-related businesses, the researchers said...
