New York City Ranks #1 For Generating Highest Volume of Technology Talent on CBRE’s Annual ‘Scoring Tech Talent’ Report
28 Jul 2020
CBRE’s Scoring Tech Talent report has identified New York City as the second-largest tech labor market in the country behind the San Francisco Bay Area. New York was also identified as the #1 market for producing the highest volume of technology talent on an annual basis. Tech degree completions at universities in New York City totaled 14,800 in 2018, up 56.2% from five years before. Layering in tech-degree grads in in Long Island and Newark, the larger tri-state region’s collective output of 20,500 tech graduates in 2018 is a 55.2% increase over 2014.
The tech sector is expected to emerge from the present crisis in a position of relative strength, according to a recent CBRE Tri-State MarketFlash. New York’s large and growing tech labor force will boost the city’s economic recovery as tech firms seeking access to the industry’s top talent continue to drive leasing in the local market.
“Technology firms have leased 1.1 million square feet of new space in New York City since the beginning of 2020, including 509,000 square feet of space since early March, when COVID-19 arrived,” said Nicole LaRusso, CBRE Director of Research & Analysis for the Tri-State region. “The driving force in behind this leasing has been access to the highly skilled labor force needed to power the tech industry’s growth. The strong pipeline of qualified tech talent will continue to make New York a primary location for expanding tech companies, which will to help power the city’s office market recovery.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.