Pittsburgh ranked #5 on CBRE’s list of tech talent momentum markets, a measure of growth acceleration in its tech talent labor pool, in the firm’s sixth-annual Scoring Tech Talent Report, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. Pittsburgh’s tech talent labor force grew 10.4 percentage points faster in the last two years (2016-2017) than the previous two-year period (2014-2015).
The report, which can be viewed in detail by market in the interactive Tech Talent Analyzer, found that tech talent job growth gained momentum in 23 of the 50 markets.
Aided by the presence of higher educational institutions, Pittsburgh also ranked #4 for the highest concentration of millennials—23.5 percent—as a portion of the urban population, far surpassing the national U.S. average of 13.9 percent.
The top 10 momentum markets and their associated tech talent job growth rates were:
“The highly competitive and supply-constrained market for tech talent, along with advanced communications infrastructure, has accelerated the expansion of tech talent pools into smaller markets, such as Pittsburgh and Nashville. These previously under-utilized regions are gaining demand for tech talent from both start-ups and established companies,” said Colin Yasukochi, director of research and analysis for CBRE in the San Francisco Bay Area. “Accordingly, demand for commercial real estate to accommodate this growing workforce is on the rise.”
Pittsburgh also stood out in the report in other key areas:
• Pittsburgh is the No. 3-ranked small market rising two spots from last year to 28 on the list.
• Pittsburgh has a very high concentration of quality tech talent in a relatively low-cost market. Compared with other U.S. markets, Pittsburgh is a strong value market along with Detroit and Indianapolis.
“The tech industry in Pittsburgh is attracting highly educated and skilled talent, which is fueling the development of new office and multifamily properties in many of the older industrial areas of the city that were left neglected for years,” said Jeffrey Ackerman, managing director, CBRE. “To meet this soaring demand, real estate developers are increasingly looking for well-located older properties in the Strip District, Lawrenceville and East Liberty that can be redeveloped for adaptive reuses.”
View the full report here. To view individual market statistics and rankings, including rankings on the Scorecard, access CBRE’s Tech Talent Analyzer.
The report, which can be viewed in detail by market in the interactive Tech Talent Analyzer, found that tech talent job growth gained momentum in 23 of the 50 markets.
Aided by the presence of higher educational institutions, Pittsburgh also ranked #4 for the highest concentration of millennials—23.5 percent—as a portion of the urban population, far surpassing the national U.S. average of 13.9 percent.
The top 10 momentum markets and their associated tech talent job growth rates were:
|
Market |
Change in Momentum |
Employment Growth |
Employment Growth |
|
Ottawa, ON |
25.2 |
15.2% |
-10.0% |
|
Los Angeles, CA |
12.3 |
11.7% |
-0.6% |
|
Madison, WI |
10.6 |
27.4% |
16.7% |
|
Orange County, CA |
10.6 |
9.8% |
-0.8% |
|
Pittsburgh, PA |
10.4 |
13.8% |
3.4% |
|
Richmond, VA |
10.4 |
9.6% |
-0.8% |
|
Hartford, CT |
10.0 |
10.3% |
0.3% |
|
Cleveland, OH |
9.0 |
13.0% |
4.0% |
|
Seattle, WA |
8.9 |
10.2% |
1.4% |
|
Ft. Lauderdale, FL |
7.5 |
19.9% |
12.3% |
“The highly competitive and supply-constrained market for tech talent, along with advanced communications infrastructure, has accelerated the expansion of tech talent pools into smaller markets, such as Pittsburgh and Nashville. These previously under-utilized regions are gaining demand for tech talent from both start-ups and established companies,” said Colin Yasukochi, director of research and analysis for CBRE in the San Francisco Bay Area. “Accordingly, demand for commercial real estate to accommodate this growing workforce is on the rise.”
Pittsburgh also stood out in the report in other key areas:
• Pittsburgh is the No. 3-ranked small market rising two spots from last year to 28 on the list.
• Pittsburgh has a very high concentration of quality tech talent in a relatively low-cost market. Compared with other U.S. markets, Pittsburgh is a strong value market along with Detroit and Indianapolis.
“The tech industry in Pittsburgh is attracting highly educated and skilled talent, which is fueling the development of new office and multifamily properties in many of the older industrial areas of the city that were left neglected for years,” said Jeffrey Ackerman, managing director, CBRE. “To meet this soaring demand, real estate developers are increasingly looking for well-located older properties in the Strip District, Lawrenceville and East Liberty that can be redeveloped for adaptive reuses.”
View the full report here. To view individual market statistics and rankings, including rankings on the Scorecard, access CBRE’s Tech Talent Analyzer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
