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TAMPA MARKETFLASH
Tampa ranks in top ten U.S. markets in tech talent growth and "brain gain"
JULY 26, 2021
Adding to the long list of accolades for Tampa is the recent release of CBRE's 2021 Scoring Tech Talent report, which saw Tampa rank ninth among U.S. markets in tech talent growth over a five-year span from 2016 - 2020. In addition, Tampa was one of only 16 markets in the report and one of only nine in the U.S. to have a positive "brain gain," illustrating that Tampa acts as a job creator, supplying jobs to tech workers that could not find employment in their metro of origin.
Figure 1: Tech Talent Growth Rates by %, 2016-2020, Top U.S. Tech Markets
Source: CBRE Research, Q2 2021
Like many markets in the southeast, Tampa is a cost-efficient market. Assuming a 75,000 sq. ft. office space and 500 employees, Tampa's tech firms can expect savings of around 38% below the top cost market, when figuring for office rents and wages for tech talent, support staff, and management. 
Figure 2: Estimated One-Year Company Costs in Millions of $, Top U.S. Tech Markets
Source: CBRE Research, Q2 2021
Tech company expansion is good for the office market. At 17%, the high-tech industry's share of total office leasing in the U.S. remains the highest of any single industry. 

This trend is also on display in Tampa. ID.me recently signed a lease for 103,000 sq. ft. of office space in the Westshore submarket, their first outpost within Tampa. The secure digital identity network plans to hire 500+ persons by the end of 2021. The FinTech company CrossBorder Solutions is moving their HQ to Florida from New York, leasing around 30,000 sq. ft. of space in St. Petersburg. They plan to hire 300 new employees over the next 12 months. Finally, in January the cybersecurity solutions provider OPSWAT announced that they have moved their corporate headquarters and operations from San Francisco to Tampa, where they plan on adding 100 persons to their workforce over the next three years. 

The Scoring Tech Talent report also showed that Tampa scored well in the population gain of millennials, a generation which represents the majority of the tech talent sector. Of all U.S. markets, Tampa ranked 8th regarding the percentage gain of millennials since 2014. With the pandemic accelerating migration trends in Sun Belt markets, this growth is likely to continue and will provide talent for the Tampa tech industry for years to come.
Contacts
Brandon Isner
Associate Director of Research
CBRE Americas Research
+1 305 381 6407
brandon.isner@cbre.com | LinkedIn | Twitter
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