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CBRE: Denver-Boulder 10th best market for tech talent

The Denver-Boulder market is the 10th best in the nation for technology workers, according to a new report from national commercial real estate brokerage CBRE.

The region boasts 125,800 workers in the technology field, the 12th largest cohort in the United States, CBRE’s Scoring Tech Talent 2023 report said, and has added 26,040 jobs in the field over the past five years. 

CBRE classifies tech talent as workers in roles such as “software engineers and computer systems administrators who work across all industries, not just for tech companies. It’s what you do for your job and not what company you work for,” CBRE Tech Insights Center executive director Colin Yasukochi said. 

The recent slowdown in the tech industry, which has resulted in significant rounds of layoffs including at high-profile firms, provides an opportunity for companies in other industries to boost their in-house technology talent because the labor market is a little looser than it has been in years past. 

“Tech talent remains in high demand even during uncertain economic times,” Yasukochi said.

Of the Denver-Boulder region’s tech workers, 40.7% work for a tech company, while another nearly 10% work in the finance, insurance and real estate sector.

“Denver-Boulder is the 13th-most-concentrated market in tech talent, representing 6.8% of all employment, above the U.S. average of 5.6%,” the CBRE report said.

Technology development is traditionally a young person’s game, and the Colorado Front Range has long been one of the most attractive parts of the country for this demographic.

Between 2016 and 2021, the number of people in their 20s with college degrees rose by 31.4%, behind only Tampa for the biggest percentage increase in the nation.

“The number of metro Denver residents in their 30s with college degrees increased even faster, up 32%,” according to CBRE.

“Ranking as a top destination for educated people in their 20s and 30s is incredibly important to a place like Denver that is looking to grow its tech sector. People in their 30s represent the largest workforce demographic overall, and people in their 20s are a major source of innovation,” CBRE first vice president Nicholas Weld said in a statement. “Employers are pursuing tech talent with specific skills, from quantum computing to biotech and aerospace, all growing fields in Colorado. Continuing to invest in recruiting, retaining and training these highly skilled employees will benefit the local economy and help to stabilize the office market as more companies invest in a presence here.”The Denver-Boulder market isn’t just a hotspot for software engineers and systems analysts. Last month, CBRE ranked the region the ninth-strongest in the country for life-sciences talent.

Source: BizWest