How do Denver and Boulder tech offices rank compared to other U.S. cities? Right in the middle, according to JLL who released their 2016 High Tech Outlook this week. As reported in the Denver Business Journal, JLL says its High Tech Outlook analysis factored in 16 variables in four categories which included economic momentum, talent pool, innovation and cost in order to rank markets that would be better suited to weather periods of economic decline.
Out of the 45 U.S. cities ranked, Denver came in at No. 23 and Boulder landed in the No. 25 spot. The cities at the top of the list were Silicon Valley and San Francisco, respectively. The report found that Denver has a highly-educated workforce that acts as a magnet that consistently attracts high-caliber tech talent from across the nation. However, Denver’s downfall is a rising cost of living that is proving to be a burden to both new and established residents.
Boulder, on the other hand, is reported to have more than 100,000 square feet of readily available tech space for sublease, creating opportunities for startups and small businesses to establish themselves near similar businesses at a lower price. The challenge Boulder faces, according to the report, is that as more tenants flock to Boulder, many flex and industrial workers are being forced out of the city due to a boost in office conversions.
According to CIO Dive, the report showed that the technology industry as a whole leads the pack when it comes to real estate expansion and employment growth, according. Although companies will first look to Silicon Valley or Seattle to attract top talent, Denver and other secondary markets are great options for younger companies looking for a high growth opportunity at a reduced cost.