October 7, 2019
Since January 2010, 58 of the 89 San Francisco Bay Area-headquartered tech and life science companies with 100,000 square feet or more have taken 30.4 million square feet of office space in other cities in the U.S. Cushman & Wakefield’s research team just released a compelling new infographic, The Great Tech Migration, which offers some data points on tech expansion, highlighting which markets are booming tech hubs and why.
CushWake researchers pointed out while the category’s footprint has expanded nationally, growth also has continued in the Bay Area. The same tech and life science companies committed to 55 million square feet, and now control more than 103 million square feet of office and R&D space.
Cushman & Wakefield’s Robert Sammons says, “Expanding tech companies based in the San Francisco Bay Area are spreading far and wide across North America, not just in search of areas with less expensive cost of living and/or cost of doing business, but equally if not more so the crucial need for talent.
“This is among the key reasons we’ve seen such significant tech growth in markets such as New York, Washington, D.C. and Boston—the hunt for talent, as these jobs often require highly-specialized skills. That said, many of these very same influential tech companies have also continued their growth within the Bay Area over the past decade, and at a rapid pace. It is no mystery that the Bay Area has been, and likely will forever be, the tech hub of the world,” he added.
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