Tech’s Take on Top Office Markets

A recent CBRE report shows how the industry influences market fundamentals, the migration of tech tenants and the emerging tech clusters in the South and Midwest.

By Corina Stef, for Commercial Property Executive

After the recession, the tech sector gradually became one of the largest components of the nation’s economy. At the same time, employment requirements shifted from mid-level skills toward higher degrees. An increasing number of states are starting to depend on the growth of this industry, as tech is the main economic driver in the nation’s major markets. According to the U.S. Bureau of Labor Statistics, tech-based jobs are projected to grow by 13 percent—an approximate 557,100 jobs—between 2016 and 2026, at a faster pace than the average for all the other fields.

CBRE’s 2018 TECH-30 report offers a comprehensive analysis of office markets in the U.S. and Canada that are heavily influenced by high-tech, as well as how this business sector influences market fundamentals. According to the report, tech created 1.1 million new jobs since 2010, and the number is increasing by 5 percent each year—three times the national average. The growth leader is Seattle, which recorded a 26 percent uptick in tech jobs, outpacing San Francisco. Seattle, Silicon Valley, Austin and Denver are the fastest growing high-tech markets, while Portland and Raleigh-Durham are the newest additions to the list.

Read the full article at www.cpexecutive.com