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Major technology firms are altering their strategies in the post-pandemic era by ramping up purchases of office real estate across the United States, signaling renewed confidence in long-term office use and investment, according to CoStar.Â
After years of downsizing and remote work trends, companies like Apple, Amazon, LinkedIn, LendingClub, and Bet365 are moving from tenants to landlords, closing nearly $1 billion in property deals in recent months.
This trend marks a significant turnaround in the office market, which saw sales volumes fall over 55% year-over-year to a 15-year low of $35 billion. However, activity has begun to recover, particularly among companies choosing to buy rather than lease space, driven by discounted prices and the appeal of greater control over their work environments.
Online gaming firm Bet365, based in London, recently purchased its Denver headquarters for $135 million. The deal, one of the priciest in the city in years, underscores the growing interest in owner-occupied buildings. The purchase price significantly exceeded the area’s recent average, reflecting a strategic move toward property ownership for long-term stability.
Meanwhile, LendingClub took advantage of market conditions to acquire its upcoming San Francisco headquarters, citing favorable financial comparisons to leasing.Â
This mirrors broader activity in tech hubs like Silicon Valley and New York, where Apple made headlines with two significant acquisitions totaling over $500 million, including a $350 million campus in Sunnyvale.
Similarly, LinkedIn bought a 120,000-square-foot facility in Sunnyvale for $75 million, and Amazon spent $456 million on a large office building in Manhattan — its first office purchase since 2020.Â
These acquisitions come alongside a renewed push for office leasing: tech leasing jumped 21% year-over-year in the first quarter, making up 18% of total U.S. leasing activity, up from 14.2% last year.
Industry analysts note that the move toward ownership reflects a desire for customized spaces, expense control, and flexibility in implementing workplace technology. This ownership trend is also helping to fill a void left by institutional investors, many of whom remain hesitant to re-enter the market at scale.
As return-to-office mandates become more common and headcount growth resumes, tech firms appear poised to continue expanding their physical footprints, but on their own terms, as owners rather than renters.
