The rankings continue to filter in about Indy as an emerging tech hub. Time Magazine’s MONEY report lists Indy as one of the 20 hottest cities for tech jobs, Women’s Business Daily highly suggests Indianapolis as a great place for a woman to launch her tech business, and according to the recent Tech Cities report by Cushman & Wakefield, Indianapolis is one of the top 25 tech cities in the U.S.
Here are just a few reasons why:
- Over 5% of the workforce is in technology-related companies or fields
- Our rate of startup growth is over 35%
- Over 20% of the workforce is in knowledge occupations (Kauffman Foundation)
- In 2016, $51.51 million was invested into Indiana tech companies
Cushman & Wakefield’s Tech Cities report is anchored around understanding why tech cities are outperforming other markets by virtually every relevant economic and commercial real estate (CRE) metric, including GDP, jobs, absorption, rents, and more.
What makes a city a tech city? “In these markets, tech plays a larger role in the city’s economic trajectory. It’s also a vibe. Certain cities have the tech feel in the air, on the signage, in the conversations at the bars, in its population’s habits and preoccupations. In certain cities, tech is more deeply woven into the fabric of the city itself, and it’s dramatically shaping those local real estate markets.”
There are key characteristics of an environment that supports, nurtures, and promotes the formation of tech cities. At TechPoint we call these “growth ingredients,” and Cushman & Wakefield calls them “tech stew.”
The “tech stew” metric or growth ingredients are:
- Institutions of higher learning
- Tech workers
- Knowledge workers
- Educated workers
- Growth entrepreneurship
Tech Cities 1.0 is the first release in a series of reports focused on opportunities created from the expansion of the tech industry as it relates to CRE in the U.S. Read the full report here.