With the information technology (IT) sector expected to generate $5.3 trillion dollars in 2022, it’s no surprise that other industries follow in their wake. What impact is the Great Tech Migration having on luxury real estate trends, and how can you capitalize on this shift?
Home Is Where the Office Is
Thanks to advances in technology, any place with a power outlet and WiFi signal has become an office. Nowhere has this change been more impactful than in the IT sector itself.
In the past, IT start-ups centered around New York, Chicago, and other major metro areas. NoCal’s scenic Bay Area became home to so many tech companies that it earned the iconic nickname of “Silicon Valley.”
Where Are the New Silicon Valleys?
So what’s different about the latest Great Tech Migration? Freed from the tether of big cities, the best and brightest in the industry are gravitating to areas that fit their personal lifestyle.
*Drawn by pleasant climates, affordability, and strong communities, tech workers are moving from traditional urban hubs to Southern cities such as Atlanta, Raleigh, and Austin.
*Not content to let start-ups grab the hottest talent, tech giants like Microsoft, Google and Mailchimp are setting up shop in these locales as well.
*Individual neighborhoods in these cities also benefit from this movement and its focus on micro-markets such as Atlanta’s Midtown.
Real Estate Marketing Tips for the Great Tech Migration
1. Do your homework on what makes your market attractive to tech companies.
2. Become an expert on co-working facilities, eco-friendly transportation, and other amenities that appeal to tech workers.
3. Follow tech companies on LinkedIn and other platforms to stay current on local activities.
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