TAMPA RANKS AS TOP MARKET IN FLORIDA ON CBRE'S ANNUAL SCORING TECH TALENT REPORT

20 Jul 2020

tech talent SMLL

Tampa, FL. – July 22, 2020 Tampa ranked as the top market in Florida and 29th market in North America on CBRE’s Tech Talent Scorecard, part of its annual Scoring Tech Talent Report. The report ranks 50 North American markets according to their ability to attract and grow tech talent.

According to the report, Tampa also ranked as the 8th highest growth-rate market for millennials, ages 22-36. This population increased by 13.6 percent (40,609 people) since 2013. In addition, Tampa ranked as the 8th city with the fastest Tech Labor Pool Growth Rate. In the last five years, Tampa has added 10,950 tech jobs, which is equivalent to a 26.6% growth. 

Low asking office rents ($23.21 per sq. ft. annually) and lower than US average tech-talent wages ($89,032), place Tampa as a market with low-operating costs for companies.

“Tampa has continuously attained excellent rankings in CBRE’s annual Tech Talent Report, and we believe it is due the region’s strong fundamentals, affordable living for tech workers, and low-operating costs for companies. In addition, our tech talent pool has grown remarkably in the last five years, boosting the growth of our millennial population,” said Mike DiBlasi, Managing Director at CBRE.

The top five markets for tech talent in 2020 were the San Francisco Bay Area, Washington DC, Seattle, Toronto, and New York, all large markets with a tech labor pool of more than 50,000. 

The report outlines how tech-talent jobs are positioned to weather COVID-19 and related shutdowns and the ensuing recession because, more than ever, companies across all industries need the technical skills that this talent base offers. Many tech products and services such as streaming, remote communications and social media now are in higher demand to support remote work and social distancing. Tech employment has shown it can withstand economic shocks: In the 2008-2010 recession, tech-talent employment declined by 0.5 percent while overall U.S. employment registered a 5.5 percent drop.

CBRE’s Tech Talent Scorecard is determined based on 13 unique metrics, including tech talent supply, growth, concentration, cost, completed tech degrees, industry outlook for job growth, and market outlook for both office and apartment rent cost growth.

“We expect that most tech-talent markets and professions will thrive after the pandemic subsides, and many that facilitate remote work and tech services such as e-commerce, social media and streaming services may have even greater growth opportunities accelerated by the COVID-19 disruption,” said Colin Yasukochi, Executive Director of CBRE’s Tech Insights Center. “Markets that have strong innovation infrastructure – leading universities and high concentrations of tech jobs – will lead the next growth cycle.”

Tampa stood out in the report in a number of other key areas:

  • Tech wages averaged $89,032 in Tampa last year, an increase of 14 percent since 2015
  • Tech degree completions in Tampa totaled 7,394 from 2014-2018
  • Tampa also stands out as the #8 market with the highest brain gain, which is determined by the ratio of tech-degree graduates to tech-talent job creation in a specific market
  • Tampa offers affordable living for tech-talent workers, with the average annual apartment rent amounting to 16.7 percent of the average tech-talent wage. That ranks #24 among the 50 largest tech-talent markets.

Top 10 tech talent markets:

RANK (2019)

MARKET

SCORE

1

SF Bay Area, CA

82.56

2

Washington, D.C.

67.39

3

Seattle, WA

66.36

4

Toronto, ON

64.34

5

New York, NY

64.01

6

Austin, TX

60.30

7

Denver, CO

59.89

8

Boston, MA

59.61

9

Atlanta, GA

58.78

10

Raleigh-Durham, NC

56.29

 

View the full report here. To view individual market statistics and rankings, including rankings on the Scorecard, access CBRE’s Tech Talent Analyzer.

 

About CBRE Group, Inc.
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.