Vancouver is quickly becoming a preeminent tech hub amongst major North American cities, based on the newly released findings of commercial real estate firm CBRE.
Canada’s third largest urban region saw a 44.2% growth in the number of high-tech jobs in 2020 and 2021 combined — the highest percentage increase of the top 30 tech hubs in Canada and the United States.
The high growth of Vancouver’s high-tech employment is followed by Toronto (+37%), Austin (+25%), Seattle (+18.6%), and Montreal (+15.8%).
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In real numbers, over the two-year period, Vancouver added 28,300 tech jobs, Toronto added 60,400, Austin added 15,700, Seattle added 37,600, and Montreal added 13,700.
Half of the 30 ranked tech hubs shed office-using tech jobs, with semi-remote work driving much of this loss.
But that was not the case for cities like Vancouver, which added 12,500 office-using tech jobs. Sustained demand for office space drove Vancouver’s office market rent to grow by 21.6% over the last two years — tied with Boston for the highest office market rent increase of the 30 tech hubs.
As for how Vancouver compares with the predominant tech hubs, San Francisco saw a high-tech job growth of 4.7%, but it also shed 9,700 in office-using tech jobs. While New York City grew by 13%, it saw a loss of 82,600 office-using tech jobs.
As of 2021, Vancouver has a total of 92,300 tech jobs, and the average software engineer is making $97,900 annually. The office vacancy rate is also considered balanced/healthy at 6.3%, and 4.1 million sq ft of new office space is under construction.
Much of Vancouver’s tech job growth is, of course, propelled by Amazon and Microsoft’s immense expansion in downtown Vancouver.
“Even amid challenges of the past two years, the tech industry continues to add jobs and lease office space,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center, in a statement.
“Since early 2020, tech has accounted for roughly one of every three office-using jobs created in the US. There is potential for pent-up demand to emerge once companies set their long-term hybrid work practices and economic growth picks up. Venture capital funding is on track for the second highest annual total on record after last year’s peak.”
CBRE specifically notes Vancouver, Silicon Valley, San Diego, Boston, and Raleigh-Durham are particularly well positioned for resiliency and continued growth based on tech job growth and momentum, office market performance, and post-pandemic demand recovery.
In a separate report in July 2022, CBRE ranked Vancouver’s tech talent as the eighth best in North America, based on the market’s depth, vitality, and attractiveness to companies seeking tech talent and to tech workers seeking employment.
Top 30 North American regions for tech job growth: 2020-2021
- Vancouver: +44.2%; +28,300 jobs
- Toronto: +37%; +60,400 jobs
- Austin: +25%; +15,718 jobs
- Seattle: +18.6%; +37,563 jobs
- Montreal: +15.8%; +13,700 jobs
- Denver: +14.2%; +11,483 jobs
- Raleigh-Durham: +13.3%; +5,433 jobs
- Atlanta: +13%; +11,833 jobs
- New York City: +12.8%; +16,457 jobs
- Charlotte: +12.1%; +3,223 jobs
- Salt Lake City: +12%; +6,874 jobs
- Dallas/Ft. Worth: +11.9%; +13,731 jobs
- Phoenix: +8.4%; +9,734 jobs
- Pittsburgh: +7%; +1,611 jobs
- Indianapolis: +6.6%; +1,822 jobs
- Philadelphia: +6.3%; +2,876 jobs
- Nashville: +5.5%; +920 jobs
- Minneapolis/St. Paul: +4.9%; +2,307 jobs
- San Francisco: +4.7%; +5,187 jobs
- St. Louis: +4.3%; +1,306 jobs
- San Diego: +4.2%; +1,602 jobs
- Portland: +4%; +1,190 jobs
- Chicago: +3.4%; +3,632 jobs
- Silicon Valley: +3.1%; +7,222 jobs
- Los Angeles: +2.3%; +1,944 jobs
- Boston: +2.2%; +2,919 jobs
- Washington, DC: +1.7%; +3,416 jobs
- Baltimore: +0.6%; +227 jobs
- Orange County: +0.5%; +208 jobs
- Detroit: -7.4%; -3,509 jobs
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