Many of us have heard RTP referred to as the “Silicon Valley of the East”. A recent report by Selfstorage.com seems to confirm RTP’s position in the tech world.   Raleigh has been ranked as the number one “hot spot” outside of Silicon Valley and San Francisco for tech startups and workers.

“The report evaluates several factors that contribute to startup growth and attract tech workers: Local innovation, access to capital, access to educated workers, strength of the local tech startup scene and local tech wages compared to other parts of the country. The first four factors are considered positive, while the last is considered a negative for employers.”

Why is this good for the area? There are several reasons. First and foremost the tech industry brings in young professionals who prefer the live, work and play environment. Raleigh and surrounding areas have seen tremendous growth in new apartments that are bordered by modern relevant businesses to accommodate the new millennial worker. If we take a look at the recent apartment acquisitions and rent increases in the Triangle as well as take stock of all the mixed use developments that have been built and are still sprouting up all over Wake County this hypothesis is verified.

Many start-up businesses are born from the tech industry this combined with the peripheral businesses that support the millennials all are positive variables for those selling and leasing commercial real estate. It is also an affirmative factor for real estate investors.

Top 12 tech hot spots:

1. Raleigh, 2. Austin, 3. Denver, 4. Salt Lake City, 5. San Diego, 6. New Orleans, 7. Los Angeles, 8. Las Vegas, 9. Seattle. 10. Kansas City, 11. Miami, 12. Portland (Oregon)

(Source: TBJ 3/12/15)