Seattle and Salt Lake City make the Top 25 list that otherwise secures
Silicon Valley’s crown as king of tech
SALT LAKE CITY—June 8, 2017—Seattle, Washington and Salt Lake City, Utah emerged as promising tech cities after San Jose (Silicon Valley) and San Francisco, according to Cushman & Wakefield’s inaugural “Tech Cities 1.0” national report launched today. Within the top 25 U.S. tech cities, Seattle, Washington, emerged in sixth place and Salt Lake City, Utah, emerged in 24th place.
In Seattle, tech giants such as Amazon and Facebook have grown their footprint in Seattle in recent years. “The technology industry has no doubt been the fuel that has fed the expansive growth and strength of this market,” said Matt Christian, Executive Director Cushman & Wakefield Commerce. “Several tech companies have satellite offices specifically in Seattle to draw from the deep pool of software engineering talent that is nurtured here like nowhere else in the country.”
In Utah in 2016, approximately 3,000,000 square feet of office space was delivered along the 10-mile stretch on the southern border of Salt Lake County called the “Tech Highway.” There are numerous companies, such as Adobe and eBay that have set up operations in this area. Aside from the talent pool, outdoor lifestyle, and accommodating government, the 90-minute flight from the West Coast is appealing to many technology firms.
“Utah has been known as ‘Silicon Slopes’ due to the numerous innovations and technology companies that have been born here,” said Trigger Reital, Market Leader of the Salt Lake City office of Cushman & Wakefield Commerce. “Salt Lake City is home to a number of global tech companies that have moved operations to Utah to take advantage of the state’s highly skilled workforce and business-friendly environment.”
The top 25 tech cities were determined by analyzing the concentration of factors such as talent, capital, and growth opportunity – the key ingredients that comprise a tech stew. The heartiest of these tech epicenters are: 1. San Jose, CA (Silicon Valley); 2. San Francisco, CA; 3. Washington, DC; 4. Boston/Cambridge, MA; and 5. Raleigh/Durham/Chapel Hill, NC.
Cushman & Wakefield created the “Tech Cities 1.0” report to provide greater insight for its clients and industry stakeholders into existing and emerging tech centers that are driving much of today’s U.S. economy.
Ken McCarthy, Cushman & Wakefield’s New York-based Principal Economist and Applied Research Lead for the U.S., states that “tech is in everything” and that people would be left behind if they did not adopt technology and change with that technology.
“Basically every company today is a tech company in one way or another. We’re all using it, we’re using various aspects of tech companies to do various things,” Mr. McCarthy elaborated. “Whether it’s Salesforce as customer relationship management, or Workday for HR, and various other database programs, the old way of doing business just doesn’t work anymore.”
Report co-author and Regional Director, Northwest U.S. Research at Cushman & Wakefield, in San Francisco, Robert Sammons, said that while it was not surprising to see San Jose (Silicon Valley) and San Francisco continue to dominate, that mass-transit issues and escalating housing costs in those areas have fanned a tech spillover into secondary markets such as Austin (no. 7), Denver (no. 8), San Diego (no. 9), and Salt Lake City (no. 24).
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About Cushman & Wakefield Commerce
Cushman & Wakefield Commerce operates the Cushman & Wakefield business in Nevada, Utah and Washington. As part of the Cushman & Wakefield global platform, the firm offers innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. With nearly 300 employees, 9 million sq. ft. of property management and transaction value of more than $2.8 billion, the firm is a leading commercial real estate resource in the Intermountain West region and Pacific Northwest. Learn more at www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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