Major technology companies are giving up offices in Europe as the economic cooling halts years of rapid growth in the sector.

As the FT writes, citing sources, Google Alphabet, Meta and enterprise software giant Salesforce are among U.S. tech groups seeking to give up leased office space in London and Dublin.

The moves come as companies respond to a downturn in tech stocks by cutting costs, including job cuts.

Office rental costs are falling on both sides of the Atlantic due to rising interest rates, an increasingly bleak economic outlook and the rise of remote work.

Meanwhile, demands for staff to work remotely during the coronavirus pandemic have turned some tech companies into casual landlords who are now trying to sublet surplus space in a tough real estate market.