Don't believe everything you hear anecdotally such as all the buzz that knowledge workers have fled high-cost major U.S. major markets in droves, emptying those cities of talent, especially for tech and finance. 

According to CBRE, there's a much fuller, more detailed story to share. Three major trends are happening based on data for the year ending February of 2023: High-cost major markets have larger talent pools than most Sun Belt cities; out-migration from the high-cost major markets during the pandemic was relatively minor and has slowed, even reversing in metro New York; and high-cost major markets remain preferred destinations for young tech and finance talent.

The bottom line, according to the report, is that economic and lifestyle considerations were key factors in driving talent migration patterns, affected by how long a person has been in their chosen field. Younger professionals tend to head to higher cost major markets and fast-growing Sun Belt areas based on job prospects, networking possibilities and cultural experiences. Mid-to-late career professionals prioritize lifestyle, including affordable homes, and Sun Belt markets offer a lower cost of living and slower lifestyle pace.