Tech Growth Covers Broad Swath in Office
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San Francisco’s SoMa district is home to several tech firms.
LOS ANGELES—The usual suspects on the West Coast may lead the way when it comes to high-tech employment growth and, accordingly, office rent growth, yet CBRE’s 2015 Tech-Thirty report shows that the sector’s gains cover a broad swath geographically. Just four of the top 10 markets for tech job growth—covering software and services—are on the West Coast; unsurprisingly, the leader is San Francisco, which also tops the list for rent growth.
That being said, San Francisco’s tech job growth rate over the most recent two-year period, 2012 to 2014, was actually lower than it was during the prior period (2011 to 2013). In fact, at 42.7% over the past two years it was matched by Phoenix, although the California city had a larger number of tech jobs added between ’12 and ’14 (16,976 compared to 12,662) as well as a higher share of tech jobs as a percentage of all new office-using jobs (55.1% compared to 31.3%)…
