The high-tech industry continues to catalyze North America economic growth, setting the pace for job growth and real estate demand in the largest office markets.
Economic indicators point to continued momentum for the tech sector and in Vancouver the pre-leasing of new construction downtown by a handful of U.S. West Coast tech giants exemplifies this.
Commercial real estate firm CBRE has release their 2019 Tech-30 report and it explores the high-tech industry’s impact on office space in the 30 leading tech markets in the U.S. and Canada.
According to report, Vancouver was the top market for high-tech job growth over the past two years, bumping Seattle from the top spot.
Vancouver’s high-tech job base grew 30% and its average asking rent increased 9%. San Francisco (25%), Toronto (24%), and Seattle (24%) had the next highest job growth rates, with rent increases of 18%, 9%, and 12% respectively.
Nine markets increased or maintained their high-tech software job growth rates over the past two years compared to the previous two years, led by San Diego (+16 percentage points), Vancouver (+12), and Toronto (+6).