Technology companies are enjoying a boom, and certain U.S. cities are reaping the economic benefits of the growth. According to a study by Cushman & Wakefield, as published in Boston Bisnow, the best U.S. “tech cities” share several attributes:
2.2% average job growth from 2009 to 2017. In comparison markets, job growth averaged 1.7%.
Average office occupancy increase of 5% from 2010 to 2017. In comparison markets, occupancy increased by an average of 3.2%.
Commercial asking rents rising by about 29.4% from 2010 to 2017. In comparison markets, asking rents increased by 11%.
Another distinction of top tech cities is the number of prominent educational institutions, which corresponds with higher numbers of technology and knowledge workers. The top 7 U.S. cities for technology according to Cushman & Wakefield are:
- San Jose
- San Francisco
- Washington D.C.
Boston’s placement at #4 is based on its growing influx of life science and major tech companies. As a result of tech industry growth, Boston’s central business district is seeing high demand for commercial space over 100,000 square feet, with life science companies paying rents of about $75 a square foot.
The Boston Metro has 20 prominent educational institutions, making it among the nation’s best locales for a highly-skilled labor force. About 10% of Boston workers are employed by technology companies. Another 36% are considered “knowledge workers” who are employed as programmers, engineers, scientists, physicians, pharmacists, attorneys and other professional occupations.
These are just some of the reasons why Boston continues to attract startups, major employers and global investors. When you are ready to begin, relocate or expand your business in the Boston Metro, team up with the Jay Nuss Realty Group! Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property. Contact us today for expert guidance!