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Seattle Ranks Highly in CBRE’s Annual Tech-30 Report
CBRE’s annual Tech-30 report shows tech employment has proven resilient during the pandemic. The tech industry’s share of U.S. office-leasing activity in this year’s first half inched down to 20% from 21% last year.
Seattle scored well in most categories in the report, notching office-rent growth of 11.8% in the two years ended June 30, a 3.7% gain in net absorption of office space (demand) in that timeframe, and a 29.2% increase in its tech-job base in 2018 and 2019. Seattle has by far the highest concentration of the Tech-30 markets for tech workers among its base of office-using jobs: 47.1%. It’s ratio of residents with at least a bachelor’s degree, at 54.1%, trails only New York City and San Francisco.
CBRE’s Tim Owens says, “Greater Seattle’s high-quality workforce is a primary driver for our local tech sector and the office market at large. The large-cap tech players in our region attract the best and brightest, and we see significant demand from other tech firms seeking to capitalize on proximity to that talent pool. Even in a COVID-19 environment, many of our region’s tech firms are continuing to hire and plan future office expansions. This bodes well for the Puget Sound office market’s resiliency in the long term.”
Top Tech-30 Markets
| Market | Office Rent Growth* | Net Absorption* | Tech Job Growth** |
| New York City | 15.9% | -0.4% | 18.4% |
| Charlotte | 15.8% | 7.7% | -10.9% |
| Seattle | 11.8% | 3.7% | 21.9% |
| Silicon Valley | 11.6% | 4.7% | 5.2% |
| Atlanta | 10.4% | 2.6% | 11.4% |
| Montreal | 9.3% | 3.7% | -3% |
| Nashville | 9.2% | 5.1% | 11.2% |
| Austin | 9.1% | 5.4% | 22.9% |
| Phoenix | 8.7% | 5.1% | 4.6% |
| Raleigh-Durham | 8.5% | 6.4% | 7.1% |
* Figures measure from Q2 2018 to Q2 2020.
** Figures measure 2018-2019 over 2016-2017.
For comments, questions or concerns, please contact Dennis Kaiser
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