Boston Ranks #7 in CBRE’s Annual ‘Scoring Tech Talent’ Report

Ron Friedman

Boston – Boston ranks #7 overall in CBRE’s 2023 Scoring Tech Talent report, benefiting from a large number of top universities and major research institutes that produce a steady stream of well-educated and highly-coveted tech employees. Total tech jobs in Boston of 161,470 have shown a 22.5% growth over the past five years. Also, for the first time this year, CBRE’s report examines tech talent wages paid by tech companies based on geography, with Boston’s wage averaging $121,794. “In addition to ranking seventh overall, Boston is home to some of the best educated talent,” said Ron Friedman, Executive Vice President of CBRE. “Interestingly, for Artificial Intelligence (AI), a subset of tech talent, Boston is one of the primary markets looked at by companies seeking for the most qualified employees.”CBRE’s annual Scoring Tech Talent report covers 75 North American markets, ranks the top 50 tech markets in the U.S. and Canada 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. Boston stood out in the report in several other key areas:

•    13,802 total tech degrees were completed in 2021, the third highest in the nation behind New York and Los Angeles, with 51.1% of Boston’s adult population holding at least a bachelor’s degree. The number of tech degrees granted in Boston between 2017 and 2021 has grown by 43%. •    Boston generated 59,748 tech graduates from 2017 to 2021 and 40,560 tech jobs from 2018 to 2022, meaning the metro area generates substantial surplus tech talent for expanding and relocating companies.•    Boston saw a nice percentage gain in residents in their 20s and 30s with degrees, including increases of 8.2% in its population of college-educated people in their 20s, and a 24.8% gain in college-educated people in their 30s.•    Boston is among the top 10 markets for percentage of its software engineers employed in the tech industry at 56.1%.•    Average software developer wage in 2022 was $98,488, up 3.8% over the past five years.•    Average 2022 residential rent in the market was $2,698 per month, representing 28.0% of the average tech salary.