Global Tech Talent Guidebook 2024 – Asia Pacific View

The Guidebook assesses 75 global markets as falling into “powerhouse,” “established” or “emerging” categories. 

• Powerhouse markets are major urban centres with large tech talent pools, mature tech ecosystems, stable regulatory environments, access to capital and the ability to attract tech entrepreneurs and talent from across the world. 
• Established markets have similar characteristics but on a smaller scale, wielding more regional than global strength. 
• Emerging markets are rapidly developing tech ecosystems that have some but not all of the key ingredients to become more established, including workforce skills and a concentration of homegrown tech companies

Key Insights

Asia Pacific is a bright spot for growth among global markets

Asia Pacific’s vibrant landscape and diversity, wage differential and spurt of generative AI talent are facilitating the growth of tech hiring.

Five cities in Asia Pacific – Shanghai, Beijing, Bangalore, Tokyo and Singapore – are classified as “powerhouse” markets. These markets boast large and diverse clusters of tech companies, as well as a high concentration of tech talent. These clusters often develop around high-quality universities that heavily invest in technology innovation programmes, ensuring a continuous influx of new talent. Universities in these markets often establish formal connections between academic research and commercial product development, thus accelerating the innovation process within the tech industry.

Powerhouse and established markets in Asia Pacific



Tech-related employment rises 34% from 2019-2023

Indian cities have experienced the highest growth in tech employment, followed by Chinese cities. Most Asian cities have seen tech sector employment grow faster than general employment. CBRE has identified three key elements underpinning this growth:

• Scalable Talent Pool: With the six largest tech markets in the world being in Asia Pacific, it is an ideal region for companies seeking to grow fast and hire at scale.
• Cost: Asia Pacific offers significant cost savings over high-cost markets in other regions. While the magnitude will vary depending upon the function and city, cost savings can start from 30% and go as high as 70% in some cases.
• Ecosystem: Asia Pacific is home to regional hubs (e.g. Singapore & Hong Kong SAR); has an ability to attract investment (three of the top five markets with the largest venture capital funding globally are in Asia Pacific); and hosts numerous multinational corporates spanning the length and breadth of every key industry.

Cost of tech talent varies across Asia Pacific

The lower cost of tech talent is one of Asia Pacific’s key competitive advantages. Referencing the average salary of a software engineer, the cost differential can be up to 77% cheaper than the most expensive markets globally.

Costs include both basic salaries along with additional benefits that companies must offer to attract and retain employees. Recent years have seen an increase in wage inflation, with some low wage markets registering annual wage hikes, which in some cases have exceeded 10%.

Tech sector appetite for real estate footprint expansion remains

Real estate is a magnet for talent attraction. The office is a means to drive culture, cohesion and collaboration. The right space backed with connectivity can enable a holistic mix of live, work and play. 

In 2023, close to 54% of leases signed by tech companies were related to expansion and new business. These expansions are being balanced against the broader goal of cost savings among companies with cost savings metrics built into their expansion strategies.

Tech companies are adopting a broad range of strategies in the region including cost containment; remote hiring; and a rising emphasis on DE&I. Companies are keen to ensure they balance emerging trends such as hybrid and remote work with concentration and cost risk.