Toronto is the number one market for high-tech job growth across both Canada and the United States, according to a new report from real estate and investment firm CBRE Group.
The city as a whole ranked ahead of 29 other leading tech markets, with the number of high-tech jobs in Toronto growing by 26.4% from 2019 to 2020 to 192,200 jobs. This is an even larger jump than the 22.4% job growth that was seen between 2018 and 2019.
CBRE
Toronto ranked ahead of tech hub Seattle, which experienced a 21.9% job growth, Vancouver with its 20.9% growth, New York with 17.9% growth, and Austin with 16.4% growth. Montreal ranked sixth with 14.6% growth.
And for the first time ever, the number of high-tech jobs in Toronto has nearly caught up to the number of other non-tech-related office jobs.
CBRE
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Toronto itself didn’t see much change when it came to the price of office market rents. In fact, they fell 0.1% from 2019 to 2021. But when you look at the city’s Downton West submarket, in particular, office prices have risen substantially over the past two years. From spring 2019 to spring 2021, the Downtown West area saw a 17.4% jump — the third highest out of all the tech submarkets studied.
CBRE
“Over the past year, the tech industry has proven to be a resilient industry that grew throughout the pandemic,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center. “Many tech companies are, like other industries, embracing hybrid work formats to provide their employees’ flexibility. But the industry also values the collaborative environment of the physical office and its role in bringing employees together to foster innovation.”
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