TECH OFFICE SPOTLIGHT: PORTLAND
Interest in Portland Continues to Grow
The tech industry is taking root in smaller markets across the country, creating big movement in markets such as Portland as seen in tech employment, demand for office space and wages . With solid demographics and costs of employment and rent at a fraction of larger markets (for now), companies both large and small are moving to Portland. This dynamic bodes well for the economy overall, while creating some growing pains along the way.
DEMAND FOR PORTLAND IS ON THE RISE
This is seen very clearly in the stats on office space in Portland.
Amongst peer markets, Portland is second only to Seattle in total office rent cost.
In terms of rate of increase, Portland is at the head of the pack at 11.5%.
TECH EMPLOYMENT IS A GREAT VALUE
Amongst peer markets, Portland is in the middle of the pack for total Tech employment, with wages still relatively affordable.
Compared to its neighbor to the north, Portland is a great value:
HOW FAST ARE WE REALLY GROWING?
We hear a lot about Portland's rapid population growth, but among peer cities Portland is slightly behind most others.
However, stats on the construction industry, driven by the boom in multi-family housing, indicate these migration figures don't capture the whole story:
Looking out over the next five years, the trend is clear: Portland will continue it's march forward in adding tech jobs, driven by increased output.
The trailblazing companies from the earlier years have proven that Portland is a great hub for divisions of high-growth and established tech companies (e.g., AirBNB, Google, NewRelic), as well as startups calling it home.
To take full advantage of the great value Portland offers, from affordable talent, office space and work/life culture, it is smart to check things out sooner than later. The cost of waiting will add up quickly.
A MESSAGE FROM OUR SPONSOR
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