IE Business Daily Business news for the Inland Empire.
There’s one way the Inland Empire can improve its office market: start attracting more high-tech industry.
CBRE Group Inc. last week released a report on the high-tech sector and its impact on the U.S. office industry. To one’s surprise, the study found that high-tech businesses can help fill office space.
For example, the high-tech sector grew 51.1 percent in San Francisco from 2011 to 2013. From the second quarter of 2012 to the second quarter of this year, office rent in that market grew 34.6 percent.
The study looked at 20 high-tech oriented markets in the United States and found that high-tech helped to fuel double-digit rent growth in eight markets. It also found that high-tech has accounted for the creation of one in four office-using jobs in the United States since 2009.
Los Angeles, San Diego and Orange County were among the markets studied. The report does not say whether Riverside and San Bernardino counties were included in the Los Angeles data.
