RALEIGH – Not only are companies adding Triangle-based technology jobs at a rapid clip, they’re adding to the growth of leasing activity in the region, according to a new report from CBRE.
The report, which tracks the top 30 technology markets in North America, ranked the Triangle 10th in software and software services job growth and 11th in the increase in office market rental rates during the prior two years.
The report found that the Triangle added 3,521 new technology jobs in 2019 and 2020, a growth rate of 12% according to the report. During the same period, office market rental rates increased by 5.6%. The Triangle also ranked in the top five regions for the level of job growth compared to the prior two year period, outpacing the 2017-2018 numbers by more than 5%.
“The tech industry continues to be an economic driver in Raleigh-Durham. Throughout the pandemic, these companies have continued to grow and show interest in our market,” said Jason High, executive vice president of CBRE in a statement. “Overall, companies are still evaluating their office needs as they move back to in-person work settings. Despite hybrid work schedules being a hot topic, we believe the Raleigh-Durham office market is poised for growth and will continue to be resilient in the years to come.”
Charlotte and the Triangle ranked first and second, respectively, in a measure known as “net absorption growth,” which tracks the sum of square footage that became occupied compared to the square footage that became vacant during the same period, according to the report. They’re two of only six markets that saw a gain in net absorption, according to the repot.
According to the report, Charlotte and Raleigh-Durham commercial markets are among the top markets in North America for resiliency and continued growth, due to what the company noted was “tech job growth and momentum, office market performance and demand recovery.”