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For now, at least, the top of the heap remains clear-cut.\u00a0 Global giants like Oracle, Google and Facebook continue to make Silicon Valley the go-to location for high technology. Its prominence is symbolized by Apple\u2019s 2.8 million-square-foot headquarters in Cupertino. Already renowned for its spaceship-like ringed design by Foster + Partners, Apple\u2019s new home is scheduled for completion in 2016 at a rumored cost of $5 billion.<\/p>\n
Though Silicon Valley retains a largely suburban model for a technology hub, the center of gravity for technology firms of all stripes is migrating to urban settings.<\/p>\n
\u201cI think the biggest change I\u2019ve seen is that technology tenants are seeing the benefits of being located in the city, near highly skilled workers,\u201d said Lori Mason Curran, director of real estate investment strategy for Vulcan Inc., developer of Amazon\u2019s campus in Seattle\u2019s South Lake Union neighborhood. Other established hubs\u2014which are generally considered to include San Francisco, Boston and, most recently, New York City\u2014face competition from a variety of contenders.<\/p>\n
For example, JLL Inc.\u2019s 2013 ranking of top tech markets finds both expanding activity and strong potential in a strikingly diverse assortment of locations. The roster ranges from Baltimore and Atlanta in the East to Austin and Indianapolis in the Central Region; Salt Lake City and Phoenix in the West; and in the Pacific Region, Portland, San Diego and Los Angeles.<\/p>\n
<\/i>JLL\u2019s 2014 update was still in progress at press time, but several new players earned a mention: Detroit, Denver, Minneapolis-St. Paul and the East Bay of San Francisco were among the markets to watch.<\/p>\n
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A common thread among these markets is the presence of a highly educated pool of talent. \u201cAt the end of the day, it really comes down to the quality of the labor force in a particular market,\u201d observed Colin Yasukochi, director of research and analytics for CBRE Group Inc.\u2019s Northern California region, adding, \u201cThe lifeblood of the technology industry is innovation.\u201d As a rule of thumb, mature and rising technology markets are almost always located within striking range of at least one major university, he noted.<\/p>\n
Especially for fledgling companies, a ready source of venture capital is crucial, as well\u2014hence, the migration of some venture capital firms to San Francisco from suburbs like Sandhill and Menlo Park. \u201cThat speaks to the recognition that San Francisco is really the desired location for high-tech financiers,\u201d noted Cara Trani, a San Francisco-based vice president for JLL.<\/p>\n
Even so, there are some nuances in the ties between venture capital and technology companies. Though each stakeholder still prefers to be physically near the other, today\u2019s communication tools provide some flexibility. \u201cFunders have the ability to be more mobile, because we\u2019re so well connected,\u201d noted Schiada. \u201cIt isn\u2019t the end all, be all.\u201d<\/p>\n
A less tangible but compelling factor is a vibrant urban lifestyle, with ample opportunity for recreation and cultural amenities. There is a demographic influence, as well, as the professionals pursued by technology companies tend to be in their 20s and 30s.<\/p>\n