Tech Cities Report

Tech 25 vs. U.S. Markets

The following charts provide a snapshot of how key CRE fundamentals for the tech markets identified in this report (Tech 25) have stacked up against all other U.S. markets. Overall, since 2009, the Tech 25 have outperformed markets across the U.S.

EMPLOYMENT GROWTH SINCE 2009

ABSORPTION SINCE 2010

1.0% 1.2% 1.4% 1.6% 1.8% 2.0% 2.2% 2.4%

250

Change in occupancy greater within the Tech 25

Stronger job growth among the Tech 25

233

2.2%

200

150

1.7%

100

116

50

Millions of square feet

0

Q2 2010 - Q1 2017

2009 - 2017 Tech 25 All Other Markets

Tech All Other Markets

OCCUPANCY CHANGE SINCE 2010

RENT GROWTH SINCE 2010

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%

11.0% 16.0% 21.0% 26.0% 31.0%

Asking rents up much more within the Tech 25

29.4%

5.0%

Tech 25 has recorded a sharper increase in occupancy

3.2%

11.0%

1.0% 6.0%

Q2 2010 - Q1 2017 Tech 25 All Other Markets

Q2 2010 - Q1 2017 Tech All Other Markets

Source: U.S. Bureau of Labor Statistics, Cushman & Wakefield

20