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1、Tech OutlookLETS GOTaking the long view.Technologys rocket ascent returns to earthUnited States|2022In this report,we explore the Technology sector in four ways,CLICK below to navigate the report:1State of the Technology sector and its start-up environment4What does the future tech o?ice look like?2
2、Where is the tech talent and where are tech verticals clustering by metro?3How do metros rank by their technology ecosystem?We have developed a data-driven approach that allows employers and investors to explore the tech ecosystem across markets.Explore the full report to learn more about techs rapi
3、dly changing commercial real estate demands.The technology sector saw astronomical growth from 2020 to mid-2022.In the last quarter of 2022,however,tech headlines expressed layo?s rather than rapid growth.Looking at long view gives perspective on the strengths of the tech sector,where growth is occu
4、rring and how tech companies can adjust given workplace trends.While the NASDAQ has dropped,it remains above the pre-pandemic peak,with average annual growth of 13%Price at closeJan 2023Jan 2021Jan 2019Jan 2017Jan 2015Jan 2013Jan 2011010,000800060004000200018,00016,00014,00012,000NASDAQ closing valu
5、eAverage annualAverage annualgrowth:13%growth:13%Average annualgrowth:13%Source:Source:NASDAQ,2022,JLL ResearchThe technology sector showed signs of slowing in 2022As we moved away from screens and delivery boxes,consumers returned in person.The share of e-commerce sales as a share of total retail s
6、ales declined for the first time ever in Q2 2022.The NASDAQ declined by 31.8%from the end of Q4 2021 to the end of Q3 2022.However,these facts alone lose context.Yes,the NASDAQ declined to 10,697 as of September 30,but it is still above its pre-pandemic peak(9,817 in February 2020).Yes,big technolog
7、y companies are slowing their hiring,and in some cases cutting sta?,but they grew by over 800,000 workers since 2019.In other words,instead of a great leapfrog as many forecasted,we have settled back to a more historic growth path,which still exceeds overall GDP growth.Technology o?ice leasing decli
8、ned as big tech slowed its lease-up of new spaces and some firms reimagined their workplace requirements considering hybrid or remote-friendly options.Still,technology companies leased more o?ice space over the last four quarters(Q4 2021 Q3 2022)than they did in the previous four quarters.And North
9、American technology firms were the most active in leasing of any industry,continuing to expand more than contract.We continue to see a dispersion of technology firms seeking talent in markets outside of core technology metros.This includes continued expansions in Toronto,Vancouver,Atlanta,San Diego,
10、Chicago and Dallas.We are also seeing a re-think on the purpose of the o?ice.Whereas heads-down work may find its way more to the personal home o?ice or dining table,collaboration,creation and connection will be more intentionally designed in the future of o?ice.Technology leasing returning to stead
11、y path of growthThe State of TechnologyWhile there is anticipation that total employment may decrease next year,it is unlikely to reach 2020 levels,and the long-term growth path remains well above overall economic growth forecasts.Top 30 technology company employees by yearReported headcount as of Q
12、1 of each year.Current reflects Q3 reporting.Click this dropdown to compare company growth200022Q3 202204,000,0003,000,0002,000,0001,000,000500,0003,500,0002,500,0001,500,0-2021 +846,000 more workers+846,000 more workers2020-2021+846,000 more workers
13、-2020 +260,000 more workers+260,000 more workers2019-2020+260,000 more workers2021-Q3 20222021-Q3 2022 +290,000 more workers+290,000 more workers2021-Q3 2022+290,000 more workersSource:JLL Research,SEC filings as report as of September 30,2022.Top 30 technology companies by market capitalization as
14、of September 30,2022.Total venture capital investment in 2022 is on pace to be the second highest on record in the United States and Canada Cumulative annual totals for venture capital investment by year(2015-2022 Q3)2000212022JanFebMarAprMayJunJulAugSepOctNovDec$0B$4B$3B$2B$1B
15、$0.5B$3.5B$2.5B$1.5BSource:JLL Research,Crunchbase,Accessed October 2022.Total venture capital investment by year for the United States and Canada.The numbers were even more stark in venture capital investment as venture capital deployments in 2021 swelled to more than$350 billion in North America,n
16、early doubling the previous record.While 2022 venture capital investment will not reach 2021 levels,activity is still on pace to be the second-highest annual total on record.This will likely slow further in 2023 as valuation multiples decrease but venture capital firms have significant available fun
17、ds,or dry powder,to invest in promising start-ups.Total dry powder of VC firms by regionCountVC FirmsSan FranciscoNew England(Boston&Greenwich)New York CityWashington D.C.Los AngelesSeattleAustinDallasAll Other0100,00090,00080,00070,00060,00050,00040,00030,00020,00010,000120,000110,000Total Estimate
18、d Funds Available for Investment($M)02002402200Count of VC FirmsSource:Pitchbook,Accessed August 2022.Estimated dry powder of venture capital firms with over$2.5 million in total dry powder as estimated by Pitchbook on September 2022.Note that Pitchbook dry powder estimates hav
19、e a 2.5 quarter delay in their reporting.Its likely that many VC houses spent down from these heightened levels.Venture Capital firms still have considerable money to investVenture Capital firms have over$300 billion in available funds for investment.These funds are likely to continue to fuel the st
20、art-up scene in many markets,with major clusters in the San Francisco,New England and New York.While valuations have come down from 2021 levels,investors are placing more bets on early-stage companies and focusing on exits in four to five years rather than next year.2011-2012$0B$90B$80B$70B$60B$50B$
21、40B$30B$20B$10BMobileCleantechManufacturingIndustrialsBig DataE-CommerceArtificial Intelligence&Machine LearningFinTechMarketing TechCloudTech&DevOps2021-2022$0B$90B$80B$70B$60B$50B$40B$30B$20B$10BArtificial Intelligence&Machine LearningFinTechMobileBig DataMobility TechCleantechE-CommerceSupply Cha
22、in TechIndustrialsCryptocurrency/BlockchainSource:Pitchbook,2022.JLL Research,2022.Note investments can be in more than one vertical(e.g.life science andartificial intelligence).North American VC investment|Top 10 technology verticals(Now vs.10-years ago)In the last 10 years,VC investments have grow
23、n and changed focusThere has also been a shi?in venture capital investment towards blockchain(i.e.Fintech)and artificial intelligence,whereas 2011-2012 focused on disruptions in mobile,cleantech and manufacturing.Markets with higher concentrations of AI and blockchain are poised to continue to expan
24、d despite economic headwinds.Largest technology verticals in venture capital investment since 2021(Q1 2021 Q2 2022)Click to compare marketsSan Francisco MSASilicon Valley MSANew York MSABoston MSALos Angeles MSATorontoSeattle MSASalt Lake City MSAPhiladelphia MSAAll OtherAI&MachineLearningFintechBig
25、 DataMobility TechSupply ChainTechE-CommerceCleantech$0M$100M$90M$80M$70M$60M$50M$40M$30M$20M$10MVenture capital investmentSource:Pitchbook,Venture Capital Investment by metropolitan area by industry vertical,Q1 2021 Q2 2022.Note:Pitchbook verticals o?en overlap withone another as a company can be i
26、n multiple industry verticals,as verticals are technologies that can cut across multiple industries.Gateway cities continue to lead in the top tech verticals,while some metros have begun to specializeExamining venture capital investment by the largest technology verticals shows big investment in maj
27、or tech markets.The San Francisco MSA was the top destination for the top seven verticals but the second and third largest markets show more variation with New York#2 in Fintech investment,and Boston and Salt Lake City ranked#2 and#3 respectively in big data investment.Technology economies are furth
28、er specializing,be it cybersecurity in Washington D.C.or Supply Chain Tech in Philadelphia and Silicon Valley.We expect this to continue as technology is more widely dispersed and importance is placed on specific skill sets within the technology economy.Historic tech leasing share(2015-2022 Q3)Perce
29、nt of total leasingTech leasing(m.s.f.)Total leasing(m.s.f.)20002604020160140120Total leased s.f.(in millions)0%20%10%8%6%4%2%24%22%18%16%14%12%Percent of total leasing by the tech sectorSource:JLL Research only leases 20,000 s.f.included.Q1 2015 Q3 2022While office
30、leasing remains below historic levels,technology companies continue to account for about 20%of total activityUltimately,these macro demand drivers resulted in continued demand for o?ice space.Due to significant headcount growth,many deals were still signed during the pandemic despite increased amena
31、bility to remote work.Despite decreased leasing activity overall,tech companies accounted for 20 23%of total o?ice leasing activity in 2021and 2022.Tech leasing by marketQ2 2020-Q3 2022New York CityNew York CityNew York CitySilicon ValleySilicon ValleySilicon ValleySeattleSeattleSeattleSan Francisco
32、San FranciscoSan FranciscoSan DiegoSan DiegoSan DiegoAustinAustinAustinSan Francisco PeninsulaSan Francisco PeninsulaSan Francisco PeninsulaNorthern VirginiaNorthern VirginiaNorthern VirginiaBostonBostonBostonLos AngelesLos AngelesLos AngelesAll othersAll othersAll othersSource:JLL Research only lea
33、ses 20,000 s.f.included.Q2 2020 Q3 2022New Yorks growing importance in tech is demonstrated by its leading leasing activity since Q2 2020While tech leasing activity is dispersed across North America,it remained firmly rooted in the core gateway markets:New York,the San Francisco Bay Area and Seattle
34、.New growing entrants are San Diego,Austin and Northern Virginia.CLICK the buttons below to explore where the tech talent is and review the change over time:Where is the tech talent?And where are tech verticals clustering by metro?The following interface enables users to consider the concentration a
35、nd size of technology talent by metropolitan(metro)area.The metrics used herein are typically considered when evaluating future locations for growing technology firms.Note that individual metro areas have begun to specialize in one segment of technology as seen in the top in-demand skills and top ar
36、eas of venture capital investment.Computer&Electrical EngineersHardware SpecialistsBreakdown by MarketIn Demand SkillsSo?ware SpecialistsEvaluate core site selection statistics:Overall Tech TalentTotal metro tech talent/Total U.S.tech talent by year.Source:JLL Research,Lightcast2022Overall Tech Tale
37、nt.a timelineWheres the talent in 2022?New York City5.7%Washington DC4.6%Los Angeles4.0%Seattle3.2%San Francisco3.2%Dallas3.2%Breakdown by MarketComputer&Electrical EngineersHardware SpecialistsIn Demand SkillsOverall Tech TalentSo?ware SpecialistsPercent of U.S.tech employmentCLICK on the buttons b
38、elow to explore each specialtySource:JLL Research,Lightcast2022Computer&Electrical Engineers.a timelineComputer&Electrical EngineersDetroit4.3%Los Angeles4.1%New York City3.1%Silicon Valley2.9%Boston2.6%Whos specialized where in 2022?Percent of U.S.computer&electrical engineer employmentBreakdown by
39、 MarketComputer&Electrical EngineersHardware SpecialistsIn Demand SkillsOverall Tech TalentSo?ware SpecialistsCLICK on the buttons below to explore each specialtySource:JLL Research,Lightcast2022Hardware Specialists.a timelineHardware SpecialistsNew York City5.8%Washington DC4.3%Dallas3.6%Los Angele
40、s3.4%Chicago2.7%Whos specialized where in 2022?Percent of U.S.hardware specialist employmentBreakdown by MarketComputer&Electrical EngineersHardware SpecialistsIn Demand SkillsOverall Tech TalentSo?ware SpecialistsCLICK on the buttons below to explore each specialtySource:JLL Research,Lightcast2022S
41、o?ware Specialists.a timelineSo?ware SpecialistsNew York City6.7%Seattle4.7%Washington DC4.5%Los Angeles4.0%San Francisco3.8%Whos specialized where in 2022?Percent of U.S.so?ware specialist employmentBreakdown by MarketComputer&Electrical EngineersHardware SpecialistsIn Demand SkillsOverall Tech Tal
42、entSo?ware SpecialistsCLICK on the buttons below to explore each specialtySource:JLL Research,LightcastAWSAgile MethodologyPythonAutomationSQLJavaIn Demand SkillsAWSNew York City6.9%Washington DC6.4%Dallas5.8%Los Angeles4.9%San Francisco3.9%In Demand SkillsAgile MethodologyNew York City6.4%Dallas6.0
43、%Washington DC5.2%Chicago4.0%Los Angeles3.7%PythonNew York City7.3%Washington DC5.7%Dallas5.2%Los Angeles4.5%Silicon Valley4.5%AutomationNew York City5.7%Dallas5.6%Washington DC4.8%Los Angeles3.7%Chicago3.4%SQLDallas6.4%New York City5.6%Washington DC4.1%Chicago3.7%Los Angeles3.6%Percent of postingsB
44、reakdown by MarketComputer&Electrical EngineersHardware SpecialistsIn Demand SkillsOverall Tech TalentSo?ware SpecialistsCLICK on the buttons below to explore each specialtyJavaDallas7.4%New York City6.5%Washington DC4.8%Los Angeles4.2%Chicago3.9%TorontoSan FranciscoSilicon ValleySeattleWashington D
45、CNew YorkAustinDallasVancouverBostonDenverAtlantaLos AngelesMinneapolisRaleigh-Durham11234567OverallScoreTotal TechLabor%of Labor TechTechEmploymentGrowthTechLeasingVC InvestmentTechSalaryClass ARentBig TechMarket CapJLL ranked metros based on a series of eight site-selection factors shown below.We
46、then ranked their relative importance(by default the total number of tech workers and the concentration of tech workers are of highest importance).The user can adjust the relative importance of each criteria to identify the most pertinent markets for their search(with 1 being the most important)For
47、example,if one is searching for a lot of tech workers at low cost,rank the number of tech workers and tech salary as 1 and 1.While we endeavored to align the occupation codes between the U.S.and Canada,there are di?erences in classification systems.Thus,metro comparisons between the U.S.and Canada a
48、re not an exact comparison;however,they represent the best proxy of the tech occupations between Canada and the U.S.RankingsThe Future Tech O?iceOptimizing space for so?ware engineers productivityThe purpose of the o?ice 2.11 1Pre-Pandemic,many o?ces were designed as“one-size-?ts-all”open environmen
49、ts.Tech workers invested in noise-cancelling headphones and created temporary dividers at their over-exposed desks to generate the privacy needed to get their jobs done.2 2When we sent everyone home during the pandemic,many software engineers thrived.They?nally had the control over their work enviro
50、nment that they had long desired.3 3If,and when,companies ask their engineers to return to the o?ce,there are new considerations to bear in mind.Tech workers are more integral to the business than ever before,and we know more about what this talent pool requires to do their best work,so design shoul
51、d follow accordingly.Tech o?ice 2.1 will be.Intentional1When users come to the o?ice,it will be for a specific purpose to learn,focus,mentor,get feedback or another defined intent.Agile2Form and function of space should support agile principles.Teams can easily adjust furniture to shi?from a daily s
52、tandup to a sprint review.Protected3Most technology workers want privacy to get their best work done.This requires a disruption-free neighborhood,nooks or environment where they know their ability to focus is protected.Balanced4There will be a more diverse understanding of what technology workers ne
53、ed to downshi?.Hyper-social game rooms and cafs dont serve our introverts.Well see more low sensory rooms and gaming environments.Creative5The future tech o?ice will be a place for teams to display their work,inspiring cross-collaboration and new ideas.Quirks,curiosities and unexpected moments will
54、keep users on their toes.The Next Gen tech office1.IntentionalWeve learned that teams dont need to work in person five days a week to maintain high levels of productivity and innovation.When users come to the office,it will be for a specific purpose to learn,focus,mentor,get feedback or anotherdefin
55、ed intent.Consider why youre asking employees to return to the office and then design the space that supports that vision.This means the office could be inspired by new archetypes.Could it be a mix of a clubhouse+zen garden+learning hub?In the last cycle,leased o?ice footprints generally contracted
56、10%to 25%upon lease expirationTenants use more on-demand space options during periods of peak occupancy to navigate“midweek crowding”(communal areas,conferencing facilities,coworking space)As preferences shi?for more community spaces,core factors will expand(2x),allowing landlords to pass-through mo
57、re expenses to tenantsPlans will include greater variety in meeting room sizes,including more compact roomsImproved A/V technology will be incorporated into meeting rooms to facilitate video conferencing,allowing those working remotely to fully participateForecast for flex:implications of hybridFutu
58、re stateYesterdayImage source:Carr PropertiesTodayShared conferencingFlexible workspacesInformal gathering spacesWellness and green spaceThe Next Gen tech office2.AgileForm and function of space should support agile principles.Teams can easily adjust furniture to shi?from a daily standup to a sprint
59、 review.Neighborhood-based design will center around an anchor point for project teams,which are surrounded by shared spaces to collaborate and cross-skill with other teams.For years,workplace design has centered around the ease of facility management.Uniform desks or a consistent“kit of parts”made
60、it feasible to manage furniture inventories.The focus in the past several years has shi?ed away from facilities and towards dynamic employee experiences.The result of that shi?is a variety of settings that integrate non-traditional“workpoints”,providing additional headcount capacity and reducing ass
61、igned workstations.The Future Workplace Ecosystem will be geared toward agile processes that allow workers to collaborate in teams when necessary and work from home or in heads-down spaces at other times.Design impactWorking from OfficeTraditional Workplace|Pre 2000The New Workplace|2000-2020Additio
62、nal Headcount CapacityFuture Workplace EcosystemBeyond 2020Additional Headcount CapacityDe-denisificationThe Next Gen tech office3.ProtectedMost technology workers want privacy to get their best work done.This requires a disruption-free neighborhood,nooks,or environment where they know their ability
63、 to focus is protected.Context switching is expensive.It takes about 30 minutes to get into a state of productivity.Visual and acoustic privacy will be paramount for both individual and small group work.Walls(which can be glass if frosting is applied)insulate the team and reduce distractions.The opt
64、imal engineering o?ice incorporates protected spaces for heads-down work,collaboration and decompressionEngineering center of excellenceDECOMPRESSION ZONE:“I need to process/downshi?”Space to be alone or take a break from the flurry of the open planIdeally low sensory,no screensBookableVisually and
65、acoustically privateFLOW ZONE:“I need to focus”Focus workstations with moveable dividersMinimal collaboration furnitureLow sensory(sound,light)Could be several desks for the team per roomBookableFLUID ZONE:“I hit a roadblock/I need feedback/I want a quick breather/Im open to disruption”Some collabor
66、ation furniture,whiteboards for quick team brainstormsGaming,wellness,or social areas Open workstationsThe Next Gen tech office4.BalancedThere will be a more diverse understanding of what technology workers need to downshi?.Hyper-social game rooms and cafs dont serve our introverts.Well see more low
67、 sensory roomsand places to downshi?in between meetings.We also know that many engineers love esports,so the“game room”of the past(think ping pong and air hockey)might become the esports loungeof the future.When workers were asked“What are your top work priories today?”ReplayPre-pandemicApril 2022Ma
68、rch 2021October 2020Securing acomfortablesalarySecuring acomfortablesalaryWork-lifebalanceWork-lifebalanceFinding a senseof purpose inmy workFinding a senseof purpose inmy workBeing visible,rewarded andrecognizedBeing visible,rewarded andrecognizedWorking in acompany thatsupports myhealth andwellbei
69、ngWorking in acompany thatsupports myhealth andwellbeingFeelingconnected tomy colleaguesFeelingconnected tomy colleagues123456Source:2022 JLL Workforce Preference Survey,respondents n=4,015Employee well-being is top on the listEmployee well-being has become increasingly more important since the pand
70、emic and now ranks above a comfortable salary.Designing spaces that integrate the natural environment and allow for a balance between focused work and time for decompression will help to attract and retain talent.The Next Gen tech office5.CreativeThe future tech office will be a place for teams to d
71、isplay their work,inspiring cross-collaboration and new ideas.Quirks,curiosities and unexpected moments(such as mail rooms built with walls of legos,or secret doors that lead to a speakeasy)will keep users on their toes.These design elements are an important antidote to the“productivity first”mindse
72、t that can easily overpower the office experience for engineers.Its about delivering a workday that is stimulating and different from what a user would encounter at home.Customer storyWhoop builds a custom Fenway office to meet high growth Check out how their new space helps secure more deals and re
73、ad the full article hereAlexander QuinnSenior Director,Northern California Research Alexander.Q Wing LeeSenior Manager,Silicon Valley Research WingC.LKatherine Zeller Senior Analyst,San Francisco ResearchKatherine.ZLauren HassonVice President,Workplace StrategyLauren.HKari BeetsSenior Manager,Industries Research Kari.BKerin VanAndel Executive Vice President,Workplace StrategyKerin.VanAndel