CBRE, the global investment and research firm, designated Phoenix and Tempe as two of the top cities for tech company real estate, in 2019. The tech market in Phoenix provides a lot of demand for property, from both companies and employees.
AZ Tech is able to organize exclusive networking events with key people in Arizona’s budding technology industry talent pool. The cost savings in property prices when compared to California tech hubs is part of why we’re likely to see a continued growth in tech companies and talent.
Quite a few technology companies are arising out of Arizona’s affordable standard of living. Phoenix Business Journal reports that seven Arizona cities are among the fastest growing in the tech market, with Tuscon heading the list. The Cyberstates report issued by CompTIA indicates that Arizona is increasing in jobs by more than 5,000 each year. They also note a nearly 174% growth in the demand for novel and developing technology sectors, such as technology-driven advertising.
Tech-related jobs enjoy an average of 94% greater pay in Arizona when compared with the United States as a whole. There are amazing coffee shops in many of Arizona’s biggest cities that also attest to the standard of living and job growth, which is reflected by their increasing online presence. In the end, a better standard of living and greater salaries at innovative tech companies has a major influence on the national tech talent pool.
Using the state’s overall economic leverage, each city is able to grow on an annual basis. With developments in solar energy, missile defense and the manufacturing of semiconductors, Tuscon is growing by leaps and bounds. The market-leading biotech space continues to find a home in Flagstaff. The startup market in the making in Phoenix, along with autonomous vehicle R&D, are likewise nothing to scoff at.
In terms of total employment in tech, Phoenix takes the lead as the 15th highest in the U.S. It’s seen a 2.8% or higher increase specifically in IT, software and communication, as in digital marketing services, for example. That’s part of the reason why it’s also ranked number 19 in total economic impact by the technology industry.
Arizona Tech Council President and CEO Steve Zylstra says that the key strategic advantage over densely populated-cities like Silicon Valley is having room to grow. He also mentions the mega-metropolitan Sun Corridor, the urban-developed area of southern Arizona. The networking opportunities among a growing talent pool are attractive even to moguls like Bill Gates and Jerry Colangelo.
Cyberstates also predicts a growth rate for tech employment in Arizona of 11% by 2026, due to decreased costs in real estate, standard of living and other factors. However, there are still extremely attractive positions at companies like Facebook and Google. These companies are very experienced in creating an optimal corporate culture and acquiring tech talent.
It’ll be up to Arizona’s ability to provide educational opportunities for a workforce that’s adapting toward a more tech-oriented job market. For example, companies in online retail are going to be replacing traditional roles with things like data analysis and integrating platforms with the internet of things.