Research - OCTOBER 26, 2018

Seattle surpasses San Francisco in high-tech job growth

by Andrea Zander

The U.S. high-tech software/services industry has created 1.1 million jobs since 2010 at an annual growth rate of 5 percent, a pace three times the national average, according to CBRE Research’s 2018 Tech-30 report.

While the annual rate of tech industry job growth slowed to 4.1 percent in the first half of 2018, high-tech’s share of major office leasing activity increased to 21 percent and remained the largest sector.

Seattle was the top Tech-30 market for high-tech job growth, surpassing San Francisco for the first time in seven years. Over the past two years, Seattle’s high-tech job base grew 26 percent, and its average asking rent increased 14 percent. St. Louis (23 percent), Montreal (22 percent) and San Francisco (22 percent) had the next highest job growth rates, with rent changes of 1.4 percent, –1.0 percent and 4.0 percent, respectively. Silicon Valley, Toronto, New York and Los Angeles all added more than 10,000 tech jobs.

To read the full report, click here.



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