A new report by CBRE, as published in Boston Curbed, names Boston as one of the top 10 U.S. cities for technology talent, landing at #7. By the numbers, about 5.8% of all Boston Metro employment is connected to the tech field. In contrast, the national average for the ratio of technology employment is 3.7%.
While a highly-educated workforce is a competitive advantage and economic boon, there are some side effects of being a “tech city.” Namely, rising residential rents and home prices, which have been a well-publicized issue. The effect is also felt in commercial real estate. CBRE estimates that the tech industry has accounted for about 20% of major office-leasing activity in the U.S. since 2018.
Trends aren’t likely to change anytime soon. The demographics of the Boston Metro show that we have a higher percentage of young adults than most other U.S. cities. Our share of adults under the age of 30 accounts for 24.1% of the population. Nationwide, the average is only 13.8%.
During the next 4 years, Boston is predicted to become one of the leading technology innovation hubs in the U.S. This could mean challenges for housing costs and office space leasing. But it will also spur continued economic expansion in the Boston Metro as employers seek to attain and enhance their pools of tech talent.
When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying or leasing Boston Metro commercial real estate, we can help you find the ideal property.
In the meantime, help yourself to our free Tenant Leasing Guide for valuable tips about leasing commercial real estate in the Boston Metro. There is no obligation.
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