With the technology industry’s continued expansion beyond the west coast, Boston’s status as one of the nation’s prime technology hubs is on the rise. Although office location still proves to be a main factor for tech development, the potential talent available in these locations is having more bearing on where these companies are looking to grow.
According to our recently released Tech Office Trends, maintaining a highly skilled workforce remains one of the most important strategies for tech companies today. With MIT, Harvard and a slew of other local Universities creating nothing short of a talent factory, it should be of no surprise that Boston ranks among the top ten tech markets in the country, coming in at #7 overall in our latest report.
In fact, tech leasing activity accounts for roughly 40% of Boston’s total leasing. Although a slew of factors contribute to this ranking, Boston’s highly educated workforce ranks most prevalent. Competition for the best and brightest workforce is at an all-time high, so Boston’s inclusion in the top 25 markets with the highest rates of educational attainments further promotes the city as one of the leading technology hubs.
As with other fields, however, the technology sector cannot rely on educational attainment alone. Specialized focus in computer science and other STEM fields are becomingly increasingly important in hiring decisions. Massachusetts ranks among the states with the most top-rated computer science degrees, behind only the likes of California and Pennsylvania, further bolstering its talent pipeline.
To see more about this and other trends impacting tech companies’ real estate decisions, download the complete JLL Tech Office Trends report.