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Jones Lang LaSalle 2013 High Tech market report tracks growth driven by incubators, 24/7 lifestyle
SAN FRANCISCO, April 16, 2013 — The war for talent in the technology sector has taken to the road, moving beyond traditional hubs like Silicon Valley and New York and into markets not historically known for concentrations of high technology talent but offering the right mix of recent graduates and an urban 24/7 lifestyle, according to Jones Lang LaSalle’s (JLL) High Tech Office report. Minneapolis, Las Vegas, and Phoenix are among the new frontiers attracting technology heavyweights and start-ups alike.
“Silicon Valley and other traditional tech hubs are still at the forefront for high-tech employment growth, but the battle for talent is creating new technology-friendly cities,” explains Conan Lee, Senior Vice President with JLL. “Smaller cities are investing in their urban neighborhoods to create 24/7 destinations to mimic the feel of denser metropolitan areas. These are the new frontiers, attracting new pools of talent.”
Weapons in the War for TalentThe report, which tracks the use of real estate by high technology firms in the U.S., found that the following real estate trends serve as weapons in the war for high tech talent:
Hot MarketsDifferent cities are responding to the uptick in demand from high tech real estate in different ways, as demonstrated on the following map summarizing market highlights from across the U.S. For instance, here are some reasons why the following cities are burgeoning tech hubs:
Minneapolis: High-tech job growth has outpaced office job growth since 2009, as technology companies search outside traditional markets for new talent pools. Kroll Ontrack’s lease of 195,000 square feet is ranked as one of the top 10 technology real estate transactions nationwide of 2012, and Oracle is leasing 140,000 square feet in the city.
Las Vegas: While the local tech sector may be long on ideas and short on venture capital dollars, the momentum created by the new Zappos headquarters under construction in the Downtown submarket is contagious, and includes a technology incubator and conscious urban planning expected to drive rapid growth of this emerging cluster.
Phoenix: Also a beneficiary of technology firms seeking new talent pools, Phoenix is taking strides to compete on the national tech stage, showing early signs of a new cluster emerging in the desert.
Figure One: Market Highlights Growth by the Numbers
About Jones Lang LaSalleJones Lang
LaSalle (NYSE:JLL) is a professional services and investment management
firm offering specialized real estate services to clients seeking
increased value by owning, occupying and investing in real estate. With
annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70
countries from more than 1,000 locations worldwide. On behalf of its
clients, the firm provides management and real estate outsourcing
services to a property portfolio of 2.6 billion square feet. Its
investment management business, LaSalle Investment Management, has $47.0
billion of real estate assets under management. For further
information, visit www.jll.com.
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