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|Follow the STEM degrees: New U.S. tech talent markets emerge|
"In an industry characterized by speed and scale, hiring for fast growth has been a challenge in recent years," said
Over the course of its current seven-year economic growth cycle, there's been speculation about the tech industry's sustainability. This time around, however, it's not a bubble. As tech adoption steadily increases and technologies become more ingrained in our lives, the tech sector continues to be commercial real estate's biggest customer, driving 22 percent of overall U.S. office leasing year-to-date.
"Tech leasing is on track to surpass the already strong activity we've seen over the past two years, thanks to an overall economic shift toward innovation and technology," said
As tech leasing continues to grow, JLL's report highlights the key trends set to impact tech companies' real estate decisions.
The Future of Work is changing, and investing in the workplace is a must.
Gone are the days of simply paying for a prime location to win the war for tech talent. Now, attracting top talent also requires investing in an innovative workspace. But adding the amenities today's tech employees desire can be costly.
However, tech companies can breathe a sigh of relief. After build-out costs are considered, U.S. tech offices are actually 15 percent cheaper than traditional office spaces.
Forward-looking tech companies are adding more collaborative and creative work spaces to their offices, which JLL's Future of Work outlook found are among the most important workspace features. More open space means less physical materials, making hard costs for tech office fit-outs over
These savings help account for the typically higher costs tech companies pay to equip their office with high-end technology and amenities that appeal to top talent.
Generations matter more than you might think.
Sure, Millennials will make up more than half of the workforce in just a few years, but Generation X and younger Boomers still provide invaluable experience and will remain a significant portion of the workforce. Designing spaces and strategies that cater to all generations' preferences and work styles will foster a sustainable and innovative workplace.
That said, just as Boomers caused fundamental changes to society, Millennials will follow suit. While Millennials have flocked to cities as they come of age, in time many will settle down, start families and adopt the suburban lifestyle. That's why tech companies must examine the long-term consequences of where they choose to locate.
"As tech companies expand, it's important that they don't count out the suburbs quite yet. Millennials will need housing within their budget and will want to ease their work-life balance," said
To learn more about the trends impacting real estate decisions for U.S. tech companies, download JLL's Tech Office Trends 2017 report.
Contact: Mike Romor
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