The New York City metro area remains one of the most dominant tech markets in the country, according to CBRE’s recently released 2019 Scoring Tech Talent report. The report highlights the current depth of the NYC metro tech talent pool across all industries—from finance and insurance to health care, media and consumer products—that portends continued growth. NYC metro tech talent employment totaled 264,000 jobs last year, second only to the San Francisco Bay Area. This level represents an impressive 44% jump, or the addition of 80,600 new jobs, since 2011. Furthermore, 2018 was the second consecutive year in which NYC’s total tech talent growth accelerated, rising 4.0% after growing by 3.3% in 2017 and 2.2% in 2016.
Meanwhile, Manhattan’s tech leasing velocity is surging this year on the heels of several high-profile tech office leases. At approximately 3.3 million sq. ft. year-to-date, 2019’s total velocity has already reached the full-year totals seen in each of the prior two years, and with tech companies representing about 23% of the market’s active requirements this momentum is poised to continue.