Tech-30 explores the tech industry’s impact on office space and ranks the 30 leading tech markets in the U.S. and Canada, as well as 10 up-and-coming tech markets. This year, Vancouver landed in the #1 spot out of 30 markets
Tech industry job growth remains well above the national average. Economic headwinds in the year ahead likely will slow but not end high-tech job growth.
Here are some key takeaways:
- Vancouver and Toronto had the most high-tech job growth in 2020 and 2021 combined, followed by Austin in the U.S. Eight other U.S. markets surpassed the 9.8% national average, including Seattle, Denver and Raleigh-Durham
- U.S. leasing activity by the tech industry has stabilized but remains 35% below pre-pandemic levels. Sublease space across the Tech-30 is elevated at 3.8% of available space. Rents in 23 markets were higher in Q2 2022 than two years ago. Only six Tech-30 markets overall and eight submarkets recorded positive net absorption over the past two years.
- Vancouver, Boston, Silicon Valley, Raleigh-Durham, San Diego markets have the best combination of future tech demand drivers and office market fundamentals.
To read the full report, click the download link below: