Silicon Valley’s reputation of Nation’s tech capital is shifting toward Salt Lake City as per the latest reports published by Cushman & Wakefield, a renowned real estate commercial organization based in Chicago.
The study revealed many other cities in US are experiencing a storm of entrepreneurs leasing new establishments to widen their approach in tech industry – especially in the domain of real estate. The report is a wakeup call for tech giants in the United States as well as a considerable threat for cities holding top positions in the industry. The emerging tech industry is spreading like a wildfire at a pace that can shake down the very foundation of the biggest IT hub, Silicon Valley.
As investigated by the firm in its latest report known as “Spotlight on tech Leasing”, Salt Lake City fell one step behind by Silicon Valley for most tech-related commercial rentals last year, and now holds ninth position for largest share holders in the industry. Tech Companies accounted for more than 66% of all major commercial leases signed in the year 2018 – which is more than what bigger players like San Francisco, Seattle and Denver could hope for.
The affordable rents may play a significant role in attracting more investments to uplift the image of Salt Lake City as an emerging city for tech startups. The minimum rent last year was $24.31 per square foot, a mere fraction of what bigger players like San Francisco and Silicon Valley charges for leasing establishments for tech startups, stated by Ken McCarthy, Chief Economist of Cushman and Wakefield. However, there are major powers at work as well such as the city’s tech-talent and its surging Millennial population.
To the surprise, Salt Lake City isn’t the only city in the United States gaining traction in tech-related startups. The report also revealed mentioned several other names with a healthy amount of tech growth and one of them are Boston. Visit:- Mcafee Activate.