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Seattle Ranks High in Office Rent, Tech Job Growth

Only Charlotte, North Carolina, and New York fared better

Despite the pandemic forcing many to work from home, the tech industry is still a massive force in office leasing in the Seattle area and across the United States.

Seattle ranks No. 3 in the commercial real estate firm CBRE’S annual Tech-30 report, which takes into account office rent growth, net absorption rate and tech industry job growth in the top 30 markets in the U.S. and Canada. Charlotte, North Carolina, is No. 2 and New York City No. 1.

Seattle’s office rent growth was 11.8% between the second quarter of 2018 and the second quarter of 2020. Seattle also saw a 3.7% increase in net absorption for office space. Silicon Valley’s rent growth trailed Seattle’s at 11.6%.

Tech jobs in Seattle have boomed over the past four years, with an almost 22% spike. In Silicon Valley, tech jobs grew 5.2% in the same time period. Just in 2018 and 2019, the tech job force in Seattle jumped by 29.2%.

“Even in a Covid-19 environment, many of our region’s tech firms are continuing to hire and plan future office expansions,” says Tim Owens, CBRE senior vice president. “This bodes well for the Puget Sound office market’s resiliency in the long term.” Read more via SeattleBusinessMagazine

Pemo Theodore

Pemo Theodore is a Media Publisher & Event Producer and a great people connector.. She is Founder/CEO Silicon Valley TV which has served the San Francisco Bay Area for 11 years! She has produced Silicon Valley Events for Investors & Startups for 9 years. Pemo loves to video interview venture capitalists & founders to engage the human behind the success stories.. She has been Executive Producer of FinTech Silicon Valley for 5 years, organizing twice monthly FinTech talks & panels in San Francisco & Palo Alto. She believes in learning through a great discussion with experts in the domains. Pemo has a talent to bring the right people together and is an incredible networker. Pemo's events have been seen as supporting Venture Capitalists & Angels in sourcing great deal flow from startups who attend her events. Many founders have received funding through meeting investors at her events. Her favored medium is visual media and she has built up a great body of work of videos of panels & interviews in Silicon Valley.startup ecosystem.

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