Although San Francisco remains the largest tech talent market in the U.S. and Canada, a host of other factors like real estate costs and lower costs of doing business are helping other markets flourish.
CBRE Research conducted its third annual "Scoring Tech Talent" report in which it ranked 50 U.S. and Canadian markets' ability to attract and grow tech talent.
The three top large tech-talent markets were San Francisco, Washington, D.C., and Seattle. The three top small tech-talent markets were Columbus, Ohio; Charlotte, N.C.; and Portland, Ore.
In the past five years, 1 million jobs have been added to the tech market, a growth of about 27 percent, according to CBRE Research. The top three large markets experiencing the most tech talent growth are San Francisco (61.5 percent tech talent growth), Baltimore (61.4 percent) and Phoenix (58.1 percent). The top three small markets experiencing the most tech talent growth are Charlotte, N.C., (74.7 percent), Nashville, Tenn., (67.9 percent), and Oklahoma City, Okla., (59.0 percent).
Additionally, tech markets are experiencing both rent increases and office vacancy decreases. San Francisco's average rent per square foot has risen 95 percent to $60 per square foot. New York's has risen 46 percent to $75 per square foot. Austin, Texas, and Toronto, Canada, have experienced the largest office vacancy decreases in the past five years, decreasing 12.2 percentage points and 12.1 percentage points, respectively.
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