Microsoft has long put Seattle on the technology map. It is the software giant’s continued draw coupled with Amazon’s explosive expansion (10 million square feet) and the newer additions of companies like Facebook, Tableau and Google that has landed Seattle at number 6 among the 25 most elite technology hubs in America. This new report was released by Cushman & Wakefield (a commercial real estate firm) and is reviewed heavily by fellow commercial real estate investors as the more techno-centric metros have speedily outperformed other cities post-recession.
In order to analyze these areas, the report followed the subsequent criteria for defining tech cities: leading institutions of higher learning, venture capital, an ample supply of tech workers, knowledge of workers in support services, a high level of educated people, a high concentration of growth engines that support entrepreneurship and startups. Elaborating on these conditions, the Cushman & Wakefield authors noted that each city has “outperformed the U.S. as a whole in terms of job growth, income growth, net absorption of office space, and rent growth over the past seven years.” The Seattle Times reports that tech companies with a high growth profile extending over several years are the ones that commercial real estate investors are most interested in. Any company that shows signs of becoming a key contributor to local economies and thus permanent and prominent fixtures in the local commercial real estate environment.
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