London ranks top five in emerging tech markets in CBRE report

London’s booming tech sector attracts notice London ranks 4th in North America as an emerging tech market with over 88 per cent job growth in the last five years.

The booming tech sector in London is being noticed on an international scale.

“London has seen significant, employment growth in the tech sector over the last five years,” said CBRE Associate VP, Greg Harris.

CBRE’s annual Scoring Tech Talent report which covers 75 North American markets, ranks the top 50 tech markets in the U.S. and Canada. It outlines tech talent labour market trends amid economic shifts and increased remote hiring.

Although London didn't make the top 50 tech markets, it ranked fourth of the next 25 emerging tech markets.

“We've seen over 88 per cent, growth in employment in the tech sector. What this indicates for London is that there's a strong possibility that in the future, we will start to see interest from some tech companies who are attracted to London because of the amount of employment available, the talent level of that employment, as well as the cost of living and cost of operations,” explained Harris.

The CEO and co-founder of local tech company interVal, Trevor Greenway agrees that London is the place to build and grow a business.

“There's lots of great, you know, educational centers in our backyard. And I think that we can do a much better job as London businesses to make sure that that brain drain doesn't go anywhere. And really kind of supporting each other and building out together like, we've got a great growing population,” said Greenway.

The report results come as no surprise to the London Economic Development Corporation (LEDC).

“London is home to numerous innovative tech companies. We've got about over 400 tech companies here. And if you've ever, you know, played a game or used a bank machine or from a screen at Tim Hortons, you're likely interacting with tech that has been made right here in London,” explained Christine Wildon, LEDC’s director of workforce development.

The tech market is predominantly led by software developers, but CBRE said that they've also seen a huge increase in employment related to artificial intelligence, which is expected given the surge in activity in that market space.