KEY
FINDINGS
1.4 million tech jobs added
Tech industry has #1 office leasing share
RENTS IN TECH
SUBMARKETS OUTPERFORM
TECH-30 MARKETS OFFER
INVESTMENT POTENTIAL
10 MORE TECH MARKETS
TO WATCH
HIGHEST
JOB GROWTH
MARKETS
Vancouver 29.5%
San Francisco 24.7%
Toronto 23.9%
Seattle 23.7%
Austin 22.5%
SAN FRANCISCO
BAY AREA
SEATTLE
NEW YORK
BOSTON
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are growing their presence.
Source: CBRE Research, includes lease transactions from Q1 2013 to Q2 2019.
SAN FRANCISCO BAY AREA
SOUTHERN
CALIFORNIA 4.3 MSF
PHOENIX 0.8 MSF
AUSTIN 2.2 MSF
DENVER 1.6 MSF
CHICAGO 2.0 MSF
WASHINGTON, D.C. 1.3 MSF
BOSTON 1.8 MSF
NEW
YORK
5.3 MSF
SEATTLE 4.9 MSF
PORTLAND 0.8 MSF
BIG TECH FIRMS EXPAND BY 31 MSF
BEYOND THEIR HQ MARKETS SINCE 2013
SAN FRANCISCO
BAY AREA
SEATTLE
NEW YORK
BOSTON
WASHINGTON, D.C. 1.5 MSF
NEW YORK
1.2 MSF
SAN FRANCISCO BAY AREA 2.3 MSF
SEATTLE
SEATTLE
0.1 MSF
BOSTON
NEW YORK
0.1 MSF
SAN FRANCISCO BAY AREA 0.5 MSF
NEW YORK
WASHINGTON, D.C. 0.4 MSF
CHICAGO 0.4 MSF
SAN FRANCISCO BAY AREA
0.9 MSF
BOSTON
NEW YORK
SEATTLE
SAN FRANCISCO
BAY AREA
NEW YORK
BOSTON
SEATTLE
SAN FRANCISCO
BAY AREA
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WHERE TO INVEST
Portland
Raleigh-Durham
Atlanta
Washington, D.C.
San Diego
Office Market Strength
GROWTH LEADERS
LAGGING
HIGH-POTENTIAL
High-Tech Software/Services Job Strength
Source: U.S. Bureau of Labor Statistics, July 2019, Statistics Canada, CBRE Research, Q2 2019.Tech-30 Market Power Diagram measures the relative strength of the Tech-30 office markets on a scale of 0 to 100. High-tech software/services job strength includes high-tech software/services job growth over the past two years and their current concentration within office-using job categories. Office market strength includes rent and net absorption growth over the past two years. The quadrant lines represent the 30-market aggregate average for each strength measure.
EMERGING
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TO REVEAL MARKETS
100
90
80
70
60
50
40
30
20
10
0
0 10 20 30 40 50 60 70 80 90 100
SURGING TECH
SUBMARKET RENTS
Midtown, Atlanta 28.1%
Downtown Nashville 19.4%
Broadway Corridor, Vancouver 17.1%
Reston/Herndon, Washington, D.C. 16.8%
East Cambridge, Boston 16.3%
SURGING TECH
SUBMARKET RENTS
downtown
Broadway Corridor
Midtown
Reston/Herndon
East Cambridge
*High-Tech Services employment as a % of office-using employment.
** Waterloo and Ottawa rents represented in C$.
Source: U.S. Bureau of Labor Stastics, Statistics Canada, CBRE Research, Q2 2019.
NEXT 10
UP-AND-COMING MARKETS
Ottawa
33,600 | 24.7%
Waterloo
14,000 | 23.3%
Cincinnati
21,853 | 12.7%
Milwaukee
11,706 | 6.3%
Kansas City
35,954 | 13.2%
Huntsville
10,389 | 16.9%
Tampa
30,824 | 8.8%
Orlando
26,747 | 8.8%
Las Vegas
12,315 | 6.0%
Sacramento
13,673 | 6.8%
LEGEND:
Market Name
High-Tech Jobs / % of Office Jobs
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TO REVEAL MARKETS
Market
High-Tech Services Employment
High-Tech Employment Clustering
Ottawa
33,600
24.7%
Waterloo
23.3%
14,000
Huntsville
10,389
16.9%
Kansas City
35,954
13.2%
Cincinnati
21,853
12.7%
Tampa
30,824
8.8%
Orlando
26,747
8.8%
Sacramento
13,673
6.8%
Milwaukee
11,706
6.3%
Las Vegas
12,315
6.0%