Press Release

Philadelphia Lands at #22 on CBRE's Annual 'Scoring Tech Talent' Report

2020 7월 17

Philadelphia ranks #22 on CBRE’s Tech Talent Scorecard, part of its annual Scoring Tech Talent Report, which ranks 50 North American markets according to their ability to attract and grow tech talent. 

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’s tech-talent labor pool is the thirteenth largest nationally at 112,340 workers, which amounts to 3.9 percent of the overall Philadelphia workforce. The national average is 3.7 percent.

The top five markets for tech talent in 2020 were the San Francisco Bay Area, Washington DC, Seattle, Toronto, and New York, all large markets with a tech labor pool of more than 100,000. Philadelphia’s ranking remained the same this year, as it was also #22 on last year’s scorecard.  

“The tech community in Philadelphia has been building for years and the city is getting recognition as a top emerging ecosystem for start-ups. With the associated funding comes continued development as a tech talent hub,” said Rija Beares, First Vice President, CBRE.

The report outlines how tech-talent jobs are positioned to weather COVID-19 and related shutdowns and the ensuing recession because, more than ever, companies across all industries need the technical skills that this talent base offers. Many tech products and services such as streaming, remote communications and social media now are in higher demand to support remote work and social distancing. Tech employment has shown it can withstand economic shocks: In the 2008-2010 recession, tech-talent employment declined by 0.5 percent while overall U.S. employment registered a 5.5 percent drop.

CBRE’s Tech Talent Scorecard is determined based on 13 unique metrics, including tech talent supply, growth, concentration, cost, completed tech degrees, industry outlook for job growth, and market outlook for both office and apartment rent cost growth.

“We expect that most tech-talent markets and professions will thrive after the pandemic subsides, and many that facilitate remote work and tech services such as e-commerce, social media and streaming services may have even greater growth opportunities accelerated by the COVID-19 disruption,” said Colin Yasukochi, Executive Director of CBRE’s Tech Insights Center. “Markets that have strong innovation infrastructure – leading universities and high concentrations of tech jobs – will lead the next growth cycle.”

Philadelphia stood out in the report in a number of other key areas:

Aided by the presence of higher education institutions, Philadelphia ranks eighth highest in the country for millennials as a proportion of their total urban population, accounting for nearly 27.9 percent.
Philadelphia offers relatively affordable living for tech-talent workers, with the average annual apartment rent amounting to 17.1 percent of the average tech-talent wage. That ranks 23rd among the 50 largest tech-talent markets.
Philadelphia churns out a lot of tech graduates. In 2018, Philadelphia had 6,702 tech-degree completions, an increase of 59.2 percent from 2014 to 2018. In fact, Philadelphia produced nearly 13,000 more tech graduates (25,574) from 2015 to 2019 than new tech jobs (12,730). 
Overall, Philadelphia ranks the 11th most expensive among the top 50 tech-talent markets for operating a tech company. The average one-year cost for operating a 500-employee tech company occupying 75,000 sq. ft. in Philadelphia amounts to $44.0 million. 

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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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.