CBRE: Technology Workforce Hiring Boosts US Office Leasing
Technology workers are directly related to a national surge in office leasing according to a new CBRE research report, “Scoring Tech Talent”. In this report, the national commercial real estate firm CBRE ranks the top 50 U.S. markets and their ability to attract tech talent.
Large and small markets are seeing a boost in their leasing, says Colin Yasukochi, director of research and analysis for CBRE. In a press release by CBRE this month, Mr. Yasukochi states, “Tech talent growth rates are the best indicator of labor pool momentum and it’s easily quantifiable to identify the markets where demand for tech workers has surged.”
According to the report, established technology markets like Seattle and Washington, D.C. still dominate the top of the list, but several smaller markets dubbed “momentum markets” — Oklahoma City and Nashville are two — had a technology talent growth of 39% between 2010 and 2013. This comes in at a percentage point higher than Seattle’s and just below the growth in San Francisco for the same time frame. Both Charlotte, NC and Portland, OR saw growth rates of 28% which outpaced Silicon Valley itself by almost 8%.
Although tech talent only comprises 3.4% of the total U.S. workforce, its growth has outpaced other markets for both 2013 and 2014, according to the report.
The Technology Workforce Is Decentralized
In the same press release, Mr. Yasukochi goes on: “Though highly concentrated within the high-tech services industry, tech talent is not limited to any one type of company and can be found across all industry sectors. In fact, more than 60 percent of tech talent jobs are located outside of the core high-tech industry and these workers help generate innovation and advances that can boost the commercial real estate sector.
The full report is available from CBRE here. Please note: free registration with CBRE is required to obtain the report.
While I’m not in the business of endorsing CBRE or their content, I do have to say that it’s refreshing and important to be reminded that technology jobs are in no way limited to traditional tech enclaves. Far from it: wherever business does business, tech is there, and in increasing numbers.