Photo by ShutterstockLOS ANGELES–It comes as little surprise that the strong concentration of tech workers in such cities as San Francisco has led to an increase in office rental rates. Now, though, this tech effect shows signs of influencing rents in cities where there is a concentration of tech workers — and the list is surprisingly long, according to a recent report on tech trends and commercial real estate by CBRE.
“The industry is growing three times faster than the national average and tech employers are seeking out the talent they need in both large and small markets across the country,” Colin Yasukochi, report author and Director of Research and Analysis for CBRE, tells GlobeSt.com.
There is also a growing belief in the industry that innovation can happen anywhere — you don't have to be based in Menlo Park in other words to create the next Facebook — as well as the realization that having a presence in multiple markets increases the potential for success and helps diversify a workforce.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
