Technology-related occupancy has become the fastest-growing segment of the commercial real estate industry over the past five years, fueled by gains in employment nationwide, according to a new survey by brokerage firm CBRE Group.
Occupancy by high-tech firms has grown so much that it accounted for one-fifth of all U.S. office activity in 2018, the commercial real estate brokerage firm notes.
The Tampa Bay area, in particular, has made great strides in the number of high-tech jobs it has captured since 2013 as compared to other major U.S. cities.
On the number of high-tech workers in North America: “More than 6 million highly skilled workers across the U.S. and Canada comprise the tech talent that is leading global innovation.”
On the percentage of office leasing activity that is attributed to technology-related endeavors: “The high-tech industry has accounted for about 20% of major office leasing activity in the U.S. since 2018 — the most of any industry.”
On the growth of tech jobs since 2014 in the U.S.: “The number of tech talent workers has increased by 16% in the past five years, adding 693,000 jobs to the U.S. economy at a pace more than twice the national average.”
Percentage of growth in tech-related jobs in the Tampa Bay area between 2013 and 2018, to a total of 49,120 at the end of last year. By comparison, the nation’s top tech employment hub, San Francisco, had growth of 33.4% during the same period.
Total number of high-tech related jobs in the Tampa area at the end of 2018. With that amount, Tampa ranks No. 1 of 21 “small tech talent markets” nationwide with labor pools of 50,000 people or less, topping other Florida markets like Orlando, Fort Lauderdale, Miami and Jacksonville.
Percentage of growth in “non-tech occupations” in the Tampa area between 2013 and 2018, for a total 200,410 number of new jobs.
Average salary for high-tech workers in the Tampa area at the end of last year. Between 2013 and 2018, the amount of average salary grew by 11.8%. In San Francisco, during the same period, the percentage growth was 14.2%.
Tampa’s ranking nationwide for the depth, vitality and attractiveness to employers of its high-tech talent based on more than a dozen different metrics. The San Francisco Bay area tops the list, followed by Seattle, Toronto, Washington, D.C. and New York.
Total number of high-tech jobs added in the Tampa Bay area between 2013 and 2018. Of the total, 3,843 migrated to the area from elsewhere, according to U.S. Census Bureau data. Tampa was the 10th most popular place to relocate to from elsewhere, with Toronto ranking No. 1 with 57,634 in-migrations.
Percentage decrease in “twentysomething” population in the Tampa area between 2012 and 2017. Tampa was one of only five “small tech talent markets” nationwide — together with Cleveland, Ohio; Rochester, N.Y.; Milwaukee, Wisc.; and Hartford, Conn. to lose more than 1% of its residents aged 20 to 29. Nationally, the average gain was 2.5%, with Long Island, N.Y. gaining the most of any comparable city with 16%.
Total amount of capital a tech firm would be required to pay in rent on a 75,000-square-foot office and wages for 500 workers for one year in the Tampa area. By comparison, the same expenses total $59,720,973 in San Francisco at the high end and $28,591,358 in Montreal, the lowest total of the cities studied.
Average monthly apartment rent in the Tampa area, where the cost of living is 103% of the national average. New York rents, by comparison, average $4,120 per month while apartments in Montreal average $614 per month at the other end of the multifamily rental spectrum of 50 markets surveyed. The ratio of average apartment rents to tech workers’ average salary in Tampa is 16.6%.
Percentage of female tech workers in the Tampa Bay area, roughly comparable to the national average.
Source: CBRE Group Inc., U.S. Bureau of Labor Statistics, Moody’s Analytics, Axiometrics, The National Center for Education Statistics.