DFW RANKED NO. 3 IN TECH MOMENTUM MARKETS
The Dallas-Fort Worth area has made strides in high-tech software/services job growth, landing it No. 10 on CBRE’s annual Tech-Thirty list, which examines the 30 leading technology markets in the U.S. and Canada.
DFW rose seven spots from the commercial real estate firm’s 2015 list. Austin was the highest ranking city in Texas, coming in at No. 3 and San Francisco topped the 2016 list.
From 2013 to 2015, high-tech jobs grew 19.7 percent in DFW. That’s higher than the national average of 13.7 percent for the same three-year period and a rise from a 10.8 percent growth rate in DFW from 2012 to 2014, according to the CBRE report. The increase landed DFW third in the U.S. and Canada in momentum markets for high-tech jobs behind Toronto and Charlotte.
CBRE EXEC: DFW IS ‘MARKET TO BE RECKONED WITH’
The report shows the area is a “major tech market to be reckoned with,” said Jeff Eiting, vice president and co-leader of the Technology and Media Practice group in CBRE’s Dallas office, in a release.
“With more than 90,000 high-tech jobs, our tech workforce is twice the size of Austin’s and growing. Tech companies will continue to be attracted to the large, well-educated labor pool that DFW offers, as well as our relatively low cost of living and cost of office space,” Eiting said.
The area did see a 16.6 percent office rent increase from the second quarter of 2014 to the same quarter this year. Other tech markets saw higher increases such as Silicon Valley, which topped the rent growth list at 28.4 percent.
“Despite the rent growth that DFW has seen over the last couple years, this market continues to be affordable compared to other large tech markets,” said Clay Vaughn, senior vice president and co-leader of the Technology and Media Practice group in CBRE’s Dallas office. “The report cited DFW as one of the best value tech markets because we offer a great combination of low office rents along with a growing high-tech labor pool.”
Overall, tech office leasing has made up 20 percent of U.S. office leasing for the first half of this year, according to the report.
Delivering what’s new and next in Dallas-Fort Worth innovation, every day. Get the Dallas Innovates e-newsletter.