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Subletting

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Tech Job Growth Soars in Canadian Cities, While New York's Economy Suffers
business2 years ago

Tech Job Growth Soars in Canadian Cities, While New York's Economy Suffers

Technology companies in New York, once a driving force in the city's economy, are now scaling back, laying off workers and giving up office space as many employees continue to work from home. Large tech firms have laid off over 386,000 workers nationwide since early 2022 and have vacated millions of square feet of office space. While New York's vacancy rate of 13.5% is better than San Francisco's 25.6%, the city can no longer rely on the tech industry for growth. Many tech companies are now seeking to sublet their empty office space, leading to lower rents and uncertainty about who will replace them as tenants. However, some tech giants like Google and Amazon are still expanding in New York.