San Francisco Has Second-Highest Tech Jobs Growth
Lisa Brown
GlobeSt.com
November 13, 2019
SAN FRANCISCO—A new CBRE report ranks San Francisco the fastest-growing tech market with overall rent growth of 17.5% between second quarters 2017 and 2019.
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San Francisco also had the second highest high-tech employment growth rate (behind only Vancouver) with 24.7% during 2017 and 2018, accounting for 84.7% of all new office jobs. Since the current expansion started in 2010, the tech industry in San Francisco has more than quadrupled in size to 100,644 tech jobs as of year-end 2018. This growth has fueled the absorption of 15 million square feet of office space, which reduced the vacancy rate to 3.6% and caused rents to spike by 180% to $86 per square foot annually, the highest in North America.
“Access to the largest and most innovative tech talent labor pool in North America has kept real estate demand high in San Francisco,” said Darin Bosch, senior managing director at CBRE. “Tech companies are thriving here even with the competitive labor and real estate markets driving operational costs higher. They see San Francisco as a natural lab and testing ground for new technologies.”