22 October 2020

The tech industry enabled business continuity during the COVID-19 shutdown by facilitating a quick transition to more digital operations. This transition highlighted new opportunities that position tech to once again lead the next growth cycle by accelerating digital transformation of the economy.

CBRE’s 2020 Tech-30 report explores the high-tech industry’s impact on employment and office space in the 30 leading tech markets in the U.S. and Canada, as well as 10 up-and-coming tech markets.

  • Vancouver, San Francisco, Austin, Seattle and New York were the top five markets for tech job growth in 2018 and 2019.
  • Tech companies continue to expand beyond their headquarters markets, led by San Francisco Bay Area-based tech companies that have signed more than 30 million sq. ft. of office leases in 10 other markets since 2013.
  • Sublease space offerings in Tech-30 markets have increased by 42% or 27 million sq. ft. from year-end 2019 to August 2020, and tenant demand has been cut in half.
  • The seven most resilient tech markets best poised for future growth are Silicon Valley, Washington, D.C., Vancouver, Atlanta, Dallas/Ft. Worth, Raleigh-Durham, and San Diego.
  • The extraordinary rise of the Nasdaq Index since March indicates tremendous future earnings potential for the tech industry despite some recent volatility.

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