CBRE’s annual Scoring Tech Markets research provides ample opportunity to celebrate the strengths of diverse markets across Canada and the U.S. in the context of tech talent. The recently released 2021 report is no exception. Here are some noteworthy characteristics of markets within our Canada-U.S. network.
Strong Canadian market performance
Overall, Canadian markets performed strongly in this year’s report. Of the 50 markets surveyed, Toronto ranks 4th, Ottawa 10th, Vancouver 11th, Montreal 16th, Waterloo Region 21st, Calgary 28th, (an increase of 6 spots from last year one of the strongest improvements of all markets), Quebec City 34th, and Edmonton 38th.
Nearly all Canadian markets grew their tech talent base beyond the number of local tech graduates with Toronto, Ottawa and Waterloo boasting high concentrations of tech within the labour force.
The Canadian cities represent the 8 least expensive markets in the report with Waterloo Region fully $37 million less expensive to operate a 500-person tech company with 75k square feet of office space than in the San Francisco Bay Area.
Among up and coming Canadian markets in 'North America's Next 25' are Halifax, London, Ontario and Winnipeg.
Southern California sunshine
The Los Angeles market, which this year includes Orange County, ranks as the 9th strongest market within the 50-market survey rising 8 spots from last year - one of the strongest gains of all surveyed markets. With the San Francisco Bay Area once again taking the #1 spot in the survey, Southern California can also point to San Diego whose tech market came in at 19.
Compared to other markets, the tech presence in Southern California is lower at 3.7% in LA/OC and 5% in San Diego reflecting the diversity of sectors in Southern California economies. The Los Angeles/OC market produced among the highest number of tech graduates with bachelor’s and higher degrees. San Diego and LA/OC also enjoy among the highest concentrations of Millenials at 31.7% and 31.2% respectively as compared to a 22% national average.
Among markets to watch, the Inland Empire is recognized as one of North America’s ‘Next 25 to Watch’ ranking 12th in this cohort.
New York state of mind
A perennially high-ranking market in this annual survey, Metro New York scored as the 5th highest overall tech market. This year, Metro New York includes Newark and Long Island. Among its strengths are the highest percentage of tech degree completions at over 69% and ranking third for the percentage of female tech graduates.