What is a tech city?
A tech city is defined by the extent technology plays in its economic trajectory. More specifically Real estate brokerage, Savills Plc defines a successful tech city by the will of six key factors: Business Environment, Tech environment, City Buzz and Wellness, Talent pool, Real estate costs, and mobility.
So who came out on top?
New York named leading tech city
New York city’s healthy litter of 7,000 startups makes it a global leader in the tech industry. In 2017, New York racked up $12 billion dollars in venture capital funding. The hub’s extensive talent pool has already lured giants like Amazon and Spotify, and saw Google beef up its presence in Manhattan. “Scale is something New York can offer when you’re employing so many people, so there’s a real advantage there for large tech companies,” saidTostevin, Associate Director of World Research for Savills, in a statement.
Julie Samuels, executive director of Tech: New York, believes New York’s cultural institutions, neighborhoods connected by public transit, restaurants, and bars are the fundamental qualities that define it as a healthy ecosystem and successfully counterbalance its poor score for real-estate costs.
The city’s tech industry employs about 320, 000 people, a number likely to increase if the 4,500 computer science majors birthed from its surplus of 120 universities have anything to say about it.
For the first time in the three iterations of Savill’s rankings, New York beat out San Francisco as the leading tech city. Unlike New York, which experienced a considerable increase in Venture capital investments, San Fransico’s VC, was flat from last year. New York’s spike in VC was due to the funding garnered by co-working space company WeWork. San Francisco’s cost of living has also become astronomically high.