While highly skilled U.S. tech workers only make up 3.4 percent of the entire U.S. workforce, their impact on commercial real estate is considerable. Companies situated in highly competitive tech markets are growing in size and revenue, and they’re looking to increase their office footprints to accommodate their growth needs, according to CBRE’s Scoring Tech Talent report.
But what about “smaller” markets which may not be as prominent as a Silicon Valley or a Seattle?
In San Francisco, the high-tech industry accounted for 95 percent of the 3 million square feet of office occupancy gains since 2013 — while rents in the city have more than doubled since 2010.
Other markets like Washington, D.C., and New York are among the largest and most visible tech hubs in the country.
But what about “smaller” markets which may not be as prominent as a Silicon Valley or a Seattle? They’re seeing their tech talent pools grow, too.
Oklahoma City and Nashville both grew their tech talent pools by 39 percent between 2010 and 2013. This growth, in turn, contributes to increased wages, employment and office rents. The following 16 smaller tech markets have been experiencing encouraging growth in recent years, reminding us that size is indeed quite often relative.
Click here to read the complete Scoring Tech Talent report.
12 January 2016 by Adam Bonislawski