Tech Cities Report

Questions we will continue to explore through this series include: • Where are emerging tech markets located and will they disrupt the current leaders? • How are particular industries affected by changes in technology related to space needs? • What is causing some markets to cool or mature while others continue to heat up? • What is the latest technology and where is it being developed? • How will policy under the current administration affect the tech industry?

In addition, we will continue to monitor leading indicators such as the Tech Pulse Index (measure of tech output) and the NASDAQ Stock Index (value of public companies in the sector). Both can be used to gauge where the tech sector is today and where it appears to be headed. What to Watch

TECH PULSE INDEX

NASDAQ STOCK INDEX

Source: Federal Reserve Bank of San Francisco

Source: SIX Financial Information

6,000

100 120 140

4,000

20 40 60 80

2,000

0

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

1995

1997

1999

2001

2003

2005

2007

2009

2011

2013

2015

2017

Our goal is to keep a watchful eye on the interconnection between the tech industry and cities across the country, particularly in relation to CRE. Various reports to come include further detail on the top cities within this report as well as specific results from our U.S. Tech Survey sent to our markets, including commentary from market-leading experts.

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