Tech companies absorbing large amounts of commercial property space

More technology companies are taking up office space.

As large technology companies grow more quickly, many are looking to expand quickly, and according to The Wall Street Journal, this is helping the commercial market notably.

Close to 30 percent of all commercial office market growth in 2011 was due to technology companies, the news source said, citing a Jones Lang LaSalle report. This growth equaled more than 10.2 million square feet of real estate space. While much of this expansion has occurred in the traditional areas in the Northwest, other parts of the United States have witnessed jumps, as well.

Areas such as Boston and New York have experienced what may be positive news for commercial property management companies, as major technology companies have soaked up vacant office space. Google has expanded offices in both cities, while Yelp has found a home in Manhattan's Union Square.

Those property management companies who are leasing office space may be witnessing an improved bottom line but also increased turnover, as these tech companies continue to find newer, and larger homes.

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