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Tuesday, Jul 23, 2024
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How Does S.D. Fare in Top ‘Tech Cities’ Ranking?

When it comes to industry clout, how does the local market shape up among the nation’s biggest technology hubs?

According to a new nationwide report from brokerage firm Cushman & Wakefield, San Diego ranks at No. 9 among the top 25 U.S. “Tech Cities.” The brokerage company’s inaugural tracking report on the sector is based on factors such as real estate and housing costs, educated workforce, capital availability and job growth prospects.

Brett Ward, executive director of Cushman’s San Diego office division, said the local region’s technology sector “is gaining a strong foothold,” evidenced by more than 400 startup firms created annually since 2013.

“Even though the growth of tech companies has pushed the average rent (up) 25 percent over the last five years, rents are much lower compared to other major tech markets, positively affecting San Diego,” Ward said.

Jolanta Campion, Cushman & Wakefield’s research director in San Diego, noted that the region is now home to nearly 50 co-working spaces, which are providing “affordable space without long-term commitment while avoiding isolation for startup entrepreneurs.”

Campion said San Diego also has the nation’s second-highest concentration of science and engineering professionals.

Cushman researchers said San Diego’s innovation cluster consists of nine technology sectors and accounts for $52 billion in annual regional impact – 24 percent of the San Diego economy and 30 percent of local private-sector jobs. The largest local tech segment, information and communication technologies, accounts for 3,720 companies and more than 68,000 employees.

The report notes that many of the newer companies make use of technologies and discoveries from one of the region’s universities and research institutes. The research entities’ own economic impact is estimated at $4.6 billion annually.

Despite all those positives, nine other regions outranked San Diego in the Tech Cities report – San Jose (Silicon Valley), San Francisco, Washington, D.C., Boston, Raleigh/Durham, N.C., Seattle, Austin and Denver. The Top 10 was rounded out by Madison, Wis.

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