Why Portland Will Be A Rising Tech Market In '17
Portland's momentum as an up-and-coming tech market shows no signs of slowing down in the new year, CBRE VP technology and media practice Ajay Malhotra told us. Tech companies want to be here.
After all, in some important ways, tech firms are like other firms. They go where the talent is, but also to a lower-cost market if possible. That's especially the case for new companies.
“Tech startups from Silicon Valley and beyond continue to find plenty to appreciate about Portland’s talent and relative economics—including office rents, salaries, cost of living—well beyond our already well-publicized quality of life," Malhotra said.
According to CBRE data, Portland saw high-tech jobs grow 12.1% between 2013 and 2015, just behind Boston and just ahead of Denver.
Robust M&A in the industry is also a factor in Portland's rise. Some examples include GlobeSherpa to moovel/Daimler, Elemental to Amazon Web Services and now Mentor Graphics to Siemens. "These deals further publicize Portland as a home to great tech companies attracting established global brands as acquirers," Malhotra said.
"Our continued pricing competitiveness vs. the Bay Area along with increased angel and VC funding should bode well for Portland tech in 2017."