Two Canadian cities, Vancouver (+44.2 per cent) and Toronto (+37 per cent), recorded the most high-tech job growth on the continent in 2020 and 2021 combined, according to CBRE’s new Tech-30 report.
Vancouver and Toronto outpaced Austin, Texas – which came in third in the ranking with 25 per cent growth – and Seattle, with 18.6 per cent growth. Montreal rounded out the top five on the Tech-30 list, with 15.8 per cent growth in tech jobs in the past two years, said the report.
“The Tech-30 report confirms that Canadian cities continue to produce and attract some of the best and brightest tech workers in the world,” said CBRE Canada Vice Chairman Paul Morassutti. “Whilemthere is a lot of uncertainty swirling around, we can take some comfort knowing that our economy is underpinned by a robust and innovative tech workforce.”
Three Canadian markets were spotlighted as Next 10 Tech Markets to Watch: Waterloo Region took the No. 1 spot for tech employment clustering, with a high-tech services workforce of 19,800 representing 28.4 per cent of the Region’s total office employment. Ottawa was No. 2, with 39,000 high-tech workers representing 27.5 per cent of all office employment in the city. And Calgary was No. 3 on the Markets to Watch list, with a tech workforce of 33,200 people representing 19.1 per cnet of all office jobs in the city.
“Even amid challenges of the past two years, the tech industry continues to add jobs and lease office space,” said Colin Yasukochi, Executive Director of CBRE’s Tech Insights Center. “Since early 2020, tech has accounted for roughly one of every three office-using jobs created in the U.S. There is potential for pent-up demand to emerge once companies set their long-term hybrid work practices and economic growth picks up. Venture capital funding is on track for the second highest annual total on record after last year’s peak.”
CBRE said office space available for sublease in the Tech-30 markets increased 4.9 percent to 142 million square feet in
this year’s second quarter from a year earlier, the highest total since CBRE started tracking the figures in 2012. Tech companies account for 20 per cent of that total. Leases on nearly half of that tech-industry sublease space are scheduled to expire by 2025, reverting to the building owners.
To read the Tech-30 report, click here.
(Mario Toneguzzi is a veteran of the media industry for more than 40 years and named in 2021 a Top Ten Business Journalist in the world and only Canadian)
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