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Tech Sector Ignites Real Estate Markets

Greater Boston ranks fifth in Jones Lang LaSalle’s national ranking of top high-tech cities

BOSTON, August 19, 2013 – Greater Boston ranks fifth among major tech-oriented U.S. markets. This is according to Jones Lang LaSalle (JLL) national ranking of top cities for high-tech companies. The national ranking shows the impact of the evolving start-up culture on office demand, traditional workplace environments, and regional economies.

“High-tech industry growth has outpaced the national economy by an average of four to one since 2010,” explains Amber Schiada, Research Manager, Jones Lang LaSalle. “This economic contribution is driven by start-ups, many located in high-tech incubators offering office space, but also access to professional services, collaboration, and venture capital opportunities.” 

Boston is an innovation center
JLL’s index rates each city on four primary factors: high-tech employment; share of U.S. venture capital funding; intellectual capital; and innovation.  As a result, the top five markets include longstanding high-technology industry meccas: San Francisco, Silicon Valley, San Francisco Peninsula, Seattle (Puget Sound), and Greater Boston. Greater Boston continues to outperform according to four primary factors: high-tech employment, share of U.S. venture capital funding, intellectual capital, and innovation.

“High-tech services employment has seen steady increases since 2003,” said JLL Senior Research Analyst Rebecca Herbst. “While overall office-using employment saw a major dip in the last market recession, high-tech jobs barely wavered. In fact, Greater Boston has seen high-tech jobs grow 4.9 percent over the year. In addition, our market accounts for 8.5 percent of total U.S. high-tech VC funding.

Incubators foster innovation in start-ups and Fortune 1000 companies
Technology incubators have become the modern alternative to the suburban garages where Apple, Hewlett Packard, and other high-tech giants began. They have maintained the focus on disruptive technologies and added modern, flexible office space, amenities such as, furniture, networking, training and access to venture capital opportunities.

“We think clustering is essential and believe it is significantly harder to innovate in isolation than when you are surrounded by like-minded entrepreneurs,” explains CEO of high-tech incubator RocketSpace Duncan Logan. “We provide the optimal environment for disruptive technology companies to thrive.”

While RocketSpace continues to focus on high-tech start-ups and entrepreneurs, the incubator has also created a Corporate Innovation Program with Fortune 1000 companies such as a Big Three automaker, a major airline, a top beverage brand, and several technology giants. RocketSpace provides these companies with consulting and research, identifying technology themes and companies. As a result, corporate funding and venture capital opportunities naturally emerge for the start-ups, while the corporations access a deep pool of product and service ideas.

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“In Greater Boston we have seen an increase in incubator and shared workspaces to accommodate start-ups and early stage companies,” Rebecca said. “Examples include Workbar, and the Cambridge and Boston Innovation Centers.”

About Jones Lang LaSalle
Jones 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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit