LOS ANGELES–San Francisco remains the nation's leading tech market, but the competition for talent is getting tougher as more highly skilled tech workers—especially millennials—are flocking to cities where the cost of living is lower and tech jobs are plentiful, according to CBRE Group, Inc.'s annual Research report, "Scoring Tech Talent," which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent.
In their quest for highly skilled talent and for lower cost of doing business, both new and expanding companies are establishing footprints in these more affordable markets—including Nashville, Charlotte, Tampa, Seattle and Phoenix—leading to a rise in demand for office space and a decrease in office vacancy.
"Tech talent markets share several distinct characteristics, including high concentrations of college-educated workers, major universities producing tech graduates and large millennial populations," said Colin Yasukochi, who authored the report on behalf of CBRE Research. "The robust entrance of millennials into the labor pool contributed greatly to the growth in tech talent across all 50 downtown markets in our ranking this year."
