RESEARCH TRIANGLE PARK – The Raleigh-Durham metro ranks No. 14 and Charlotte comes in No. 27 for tech talent in a report from commercial real estate services firm CBRE that tracks how tech labor force trends are influencing real estate decisions in 50 metropolitan regions in the United States and Canada.
The data reflect why the Triangle and Queen City areas are high on economic recruitment lists: The potential to recruit new talent.
Charlotte also ranked fifth for its gains in technology talent in 2020, and ranked second for the region with the most diverse tech talent.
The study notes that the number of U.S. technology workers has increased at a growth rate of 13% nationally in the last five years, between 2015 and 2020, which according to the report is “more than double the overall national job growth rate.”
The rate of growth was even higher in Charlotte and in the Triangle, according to the research, which tracked the 50 top markets, as measured by how many technology workers were employed in that market, then ranked the markets on a competitive scorecard.
In the Raleigh-Durham market, growth in technology roles climbed 20.2% between 2015 and 2020, with wage growth of 10.2% during that time, and the average wage in 2020 at $100,643 annually.
CBRE data for the region also shows a steady increase of office rental rate, and a 16.1% increase in average apartment rent during the five-year period.
In Charlotte, during that same five-year period, technology occupations increased by 31.3% and wage growth increased by 9%, with the average wage now just below $100,000 in the region for technology workers.
The vacancy rate in commercial real estate is now 12.3% according to CBRE data, and the steady increase of rental rate for office space has flattened in the most recent quarters for which CBRE gathered data. The average apartment is now $1,200, a 15.8% increase during the five year period, the data showed.
Charlotte ranked high for its increase in workforce development within the region, with a 59% increase in technology degrees completed during the period between 2015 and 2019, the last year data was available. The Triangle saw an increase of 45% during that same period.
Globally, CBRE anticipates increasing demand for technology talent, writing in the report that as technology will be critical to new hybrid approaches to work, a labor force distributed geographically could expand technology talent recruitment “across all markets and increase workforce diversity.”
For example, the report notes that according to EMSI data, employers increased job postings for remote-based positions to 12% for the 12 month period ending in February 2021, up from 5.5% in the previous 12-month period.