CBRE recently published this report looking at the impact of the “high-tech software/services industry” on the North American office market.
Here are a few highlights:
- Since 2010, tech has created ~1.1 million jobs in the US at an annual growth rate that is 3x the national average.
- Seattle currently has the fastest tech job growth in North America. This is the first time in 7 years that San Francisco hasn’t been at the top of their list.
- Silicon Valley, Toronto, New York, and Los Angeles all added more than 10,000 tech jobs from 2016 to 2017.
- The biggest “momentum markets”, relying on 2016 and 2017 data, are Montreal, St. Louis, and Seattle.
- Over the past two years (Q2-2016 to Q2-2018), Atlanta, Los Angeles, Orange County, Seattle, and Portland have all seen double-digit rent growth.
One figure that also stood out for me was this one here showing the relationship between US venture capital investment and the average asking rent for office space in San Francisco.
If you’d like to download the full report, click here. You’ll need to sign up for an account with CBRE, but it’s free to do that.
For those of you who aren’t going to be in Toronto next week, you can stop reading now and check back tomorrow. For the rest of you, next week is The Future Cities Canada Summit, which will be taking place from November 7 - 9. Full schedule, here.
Day 1 equals the Urban Land Institute Symposium 2018, which is all about Toronto urbanism. The tagline is: “Explore the urban frontiers of North America’s fastest growing, and the world’s most diverse city-region.”
A big part of day 1 will be bus tours around the city. And one of those tours is going to be focused on Toronto’s laneways. I am a speaker on that tour and the bus will be stopping at Junction House to talk about the laneway houses that we plan to release as part of the project.
But there’s much more to this summit than just laneway housing.
Designed by Snøhetta (design architect) with Dialog (architect of record) and Entuitive (structural engineer), the building was previously named one of “the 12 most anticipated buildings of 2018″ and one that will surely serve as a landmark for the city.
One of the most interesting things about this project, for me, is how it both gives back and integrates with the broader urban fabric.
It is both a library and public plaza, and it sits atop the city’s busiest LRT line. About 40% of the site area is taken up by tracks (and probably setback), which means that the structural system of the building was forced into 12m (~40 foot) clear spans (done in concrete). It is the first time in the city’s history that an active LRT line has ever been encased and built over.
It is a magnificent building and reason enough to visit Calgary, if you aren’t already there. I am hoping to get out there and photograph this project sometime soon.
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