Philadelphia is #22 on CBRE’s Tech Talent Scorecard, part of its annual Scoring Tech Talent Report, which ranks 50 U.S. and Canadian markets according to their ability to attract and grow tech talent. Philadelphia moved up two spots from its position at #24 in 2018.
Tech labor concentration – or the percentage of total employment – is an influential factor in how “tech-centric” the market is and its growth potential. Philadelphia has a tech talent labor pool of 109,670, or 3.8 percent of its total employment, just slightly above the national average of 3.7 percent.
The top five markets for tech talent in 2019 were the San Francisco Bay Area, Seattle, Toronto, Washington, D.C., and New York, all large markets with a tech labor pool of more than 150,000.
The Tech Talent Scorecard is determined based on 13 unique metrics, including tech talent supply, growth, concentration, cost, completed tech degrees, tech industry outlook for job growth, and market outlook for both office and apartment rent cost growth.
Philadelphia stood out in the report in a number of other key areas:
• Philadelphia is a tech talent creator. In the last five years the market produced 7,905 more tech graduates than the market could employ in tech occupations. The region produced more than 4,800 new tech grads in 2017, up 32 percent in the past five years.
• The rent-to-tech wage ratio is relatively low at 17.0 percent. The average apartment rent for a year in 2019 is $16,438 ($1,370/month), and the average annual tech wage is $96,706. In the most expensive market, New York (Manhattan), NY, those numbers are $49,445 ($4,120/month) and $113,500, (a rent-to-wage ratio of 43.6 percent) respectively.
• Philadelphia is the fourth most diverse market for gender diversity in tech occupations, with 71.5 percent male and 28.5 percent female.
“There is so much well-earned tech buzz in Philadelphia right now and it is no surprise that we are moving up the tech talent rankings,” said Rija Beares, First Vice President, CBRE. “Not only is Philadelphia growing organically, but it’s poised to attract out of market companies seeking that combination sweet spot of tech talent and a proper city with renowned culture and accessibility.”
Top 10 tech talent markets:
CBRE's interactive Tech Talent Analyzer found the San Francisco Bay Area, Seattle, Denver and Austin to be the most competitive markets to hire tech talent based on labor market supply/demand, wage costs and talent quality.
View the full report here. To view individual market statistics and rankings, including rankings on the Scorecard, access CBRE’s Tech Talent Analyzer.
Tech labor concentration – or the percentage of total employment – is an influential factor in how “tech-centric” the market is and its growth potential. Philadelphia has a tech talent labor pool of 109,670, or 3.8 percent of its total employment, just slightly above the national average of 3.7 percent.
The top five markets for tech talent in 2019 were the San Francisco Bay Area, Seattle, Toronto, Washington, D.C., and New York, all large markets with a tech labor pool of more than 150,000.
The Tech Talent Scorecard is determined based on 13 unique metrics, including tech talent supply, growth, concentration, cost, completed tech degrees, tech industry outlook for job growth, and market outlook for both office and apartment rent cost growth.
Philadelphia stood out in the report in a number of other key areas:
• Philadelphia is a tech talent creator. In the last five years the market produced 7,905 more tech graduates than the market could employ in tech occupations. The region produced more than 4,800 new tech grads in 2017, up 32 percent in the past five years.
• The rent-to-tech wage ratio is relatively low at 17.0 percent. The average apartment rent for a year in 2019 is $16,438 ($1,370/month), and the average annual tech wage is $96,706. In the most expensive market, New York (Manhattan), NY, those numbers are $49,445 ($4,120/month) and $113,500, (a rent-to-wage ratio of 43.6 percent) respectively.
• Philadelphia is the fourth most diverse market for gender diversity in tech occupations, with 71.5 percent male and 28.5 percent female.
“There is so much well-earned tech buzz in Philadelphia right now and it is no surprise that we are moving up the tech talent rankings,” said Rija Beares, First Vice President, CBRE. “Not only is Philadelphia growing organically, but it’s poised to attract out of market companies seeking that combination sweet spot of tech talent and a proper city with renowned culture and accessibility.”
Top 10 tech talent markets:
CBRE's interactive Tech Talent Analyzer found the San Francisco Bay Area, Seattle, Denver and Austin to be the most competitive markets to hire tech talent based on labor market supply/demand, wage costs and talent quality.
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.
