US techs are giving up offices. How this will affect the real estate market U.S.

In 2022, many US tech companies have announced layoffs. Now it firms have begun to get rid of empty office space without employees. CBRE, an international real estate consultancy, estimates that technology companies have subleased about 30 million square feet of office space (2.8 million square meters). This is more than three times the 9.5 million square feet they planned to sublet in the fourth quarter of 2019.

Meta (owns social networks FACEBOOK and Instagram, as well as the WhatsApp messenger; recognized as an extremist organization whose activities are banned in RUSSIA. -), taxi aggregator Lyft, developer Salesforce.com and other firms free millions of square feet (hundreds of thousands of square meters) in San Francisco, Silicon Valley, New York, Austin, Texas and other cities.

Online retail market leader Amazon.com halted the construction of new office buildings in July 2022.

Huge premises in the business districts began to empty. Because of this, not only the American commercial real estate market, but also the economy of individual large cities, was under threat.