Florida Markets Move Up In CBRE’s Annual ‘Scoring Tech Talent’ Report

Orlando, South Florida, Tampa, and Jacksonville each moved up in CBRE’s annual Scoring Tech Talent report, which ranks the top 50 tech markets in North American and outlines tech talent labor market trends amid economic shifts and increased remote hiring. Tech talent is defined as 20 key tech professions – such as software engineers and systems and data managers – across all industries.

Orlando moved up one spot to #28 in the report and stood out in several other key areas:

• From 2017 to 2022, Orlando’s tech talent workforce grew by 9,760 professionals to a total of 47,840 professionals, a 26% increase – the largest percent increase across the Florida markets.
• Orlando’s average wage for tech talent – defined as 20 key tech professions - in the tech industry was $73,978 in 2021.
• Orlando’s average wage for all tech jobs grew by 23.9% from 2017 to 2022.
• The market created more tech graduates (13,913 from 2017 to 2021) than tech jobs (9,760 from 2018 to 2022) – the second most tech graduates across the state. This underscores that Orlando generates surplus tech talent for expanding and relocating companies.
• The average one-year cost for operating a 500-employee tech company occupying 60,000 sq. ft. in Orlando amounts to $47.4 million, squarely in the middle of the top 50 markets.
  
  

South Florida moved up two spots to #31 in the report and stood out in several other key areas:

• From 2017 to 2022, South Florida’s tech talent workforce grew by 15,090 professionals to a total of 77,700 professionals, a 24% increase.
• South Florida’s average wage for tech talent in the tech industry was $72,162 in 2021.
• South Florida’s average wage for all tech jobs grew by 29.6% from 2017 to 2022.
• The market created more tech jobs (15,090 from 2018 to 2022) than tech graduates (14,273 from 2017 to 2021) – although it has the most tech graduates across the state. 
• South Florida is among the most diverse tech markets in the U.S. for underrepresented groups (Hispanic, Black and Other Non-White/Non-Asian people).
• The average one-year cost for operating a 500-employee tech company occupying 60,000 square feet in South Florida amounts to $48.2 million. Like Orlando, South Florida ranks in the middle of the top 50 markets by this measure.
  
  

“The South Florida tech ecosystem continues to head in a good direction with top-quality tech graduates, highly skilled talent both staying and migrating to the region, and close proximity to emerging tech markets in Latin America,” said CBRE Senior Vice President and local market expert Grant Killingsworth. “Although the slowing economy has impacted the tech industry nationally, South Florida continues to see record-setting tech funding over the past few years as both local and international tech companies continue to grow and move to the region. Our diverse talent base, favorable economic environment, and access to capital will continue to position South Florida as a tech hub in the South.”

Tampa moved up one spot to #33 in the report and stood out in several other key areas:

• From 2017 to 2022, Tampa’s tech talent workforce grew by 10,610 professionals to a total of 55,970 professionals, a 23% increase.
• Tampa’s average wage for tech talent in the tech industry was $73,962 in 2021.
• Tampa’s average wage for all tech jobs grew by 21.5% from 2017 to 2022.
• The market created more tech jobs (10,610 from 2018 to 2022) than tech graduates (8,983 from 2017 to 2021).
• Tampa registered the largest percentage increase (34.7%) among large markets for residents in their 20s with at least a bachelor’s degree, and the second largest (36.2%) for residents in their 30s with a bachelor’s degree.
• The average one-year cost for operating a 500-employee tech company occupying 60,000 square feet in Tampa amounts to $47.1 million, roughly in the middle of the top 50 markets.
  
  

#44 Jacksonville

Jacksonville moved up two spots to #44 in the report and stood out in several other key areas:

• From 2017 to 2022, Jacksonville’s tech talent workforce grew by 3,440 professionals to total 23,620 professionals, a 17% increase.
• Jacksonville’s average wage for tech talent in the tech industry was $105,353 in 2021 – the highest across the Florida markets and the second highest among small tech markets (with workforces of 50,000 or fewer).
• Jacksonville’s average wage for all tech jobs grew by 22.3% from 2017 to 2022.
• The market created more tech jobs (3,440 from 2018 to 2022) than tech graduates (2,211 from 2017 to 2021)
• Jacksonville registered double-digit percentage increases in residents in their 20s with college degrees (15.8%) and residents in their 30s with college degrees (10%) between 2016 and 2021.
• The average one-year cost for operating a 500-employee tech company occupying 60,000 square feet in Jacksonville amounts to $44.6 million, 10th least expensive among the top 50 markets.
  
  

Overall, the U.S. and Canada added a net 760,000 tech talent jobs since 2020 across established hubs such as the San Francisco Bay Area, New York, Seattle, and Vancouver as well as smaller markets like Nashville, Cleveland, and Canada’s Waterloo Region. The number of U.S. tech talent workers increased 7.3% from May 2021 to May 2022, which is significantly higher than the 5% growth in total U.S. employment in May 2022. Software developers and programmers across all industries accounted for more than half of the new tech talent employment.

For the first time this year, CBRE’s report examines tech talent wages paid by tech companies based on geography. The San Francisco Bay Area ($185,425) and Seattle ($172,009) had the highest average wages, while Sacramento ($107,580) and Jacksonville ($105,353) were the highest among small markets.

CBRE also ranks the Next 25 emerging tech markets on a narrower set of criteria, including tech talent supply, wages, tech talent concentration, recent tech talent growth rates and their outlook.

Palm Bay, Fla., ranked #14 on the Next 25 list. From 2017 to 2022, Palm Bay’s tech talent workforce grew 10% to 14,690 professionals with an average wage of $93,536, a 17% increase from 2017 to 2022. The average wage for software developers in Palm Bay increased by 21.6% in that span to $112,600.

To download the full report, click here.

Additionally, CBRE’s latest tech talent analyzer provides an interactive, in-depth comparison of tech talent in different markets. For more information, click here.