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January 22, 2021
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WHAT'S NEW
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New Report from Cushman & Wakefield and Greater Sacramento Economic Council Looks at Region's Growing Economy, Real Estate Demand and Effects of the Pandemic

12/01/20

This report provided by Cushman & Wakefield

A new report just published by Cushman & Wakefield, with support from the Greater Sacramento Economic Council (GSEC), examines and offers pre- and post-pandemic insights around the Greater Sacramento area’s growing economy, real estate demand, as well as focusing on many of the region’s positive attributes. The report, Greater Sacramento Fostering Innovation & Ambition, was spearheaded by Ron Thomas, Executive Managing Director at Cushman & Wakefield.

“As the Capital Region of California, Greater Sacramento is a top destination for young, educated talent seeking to live in a region that is approachable, fun, and full of opportunity,” commented Thomas. “Sharing a talent pool with the San Francisco Bay Area, our region boasts over 79,000 employees possessing in-demand technical skills sought by top tech and life science firms, while our regional educational institutions continue to produce some of the industry’s top talent. Greater Sacramento continues to emerge as a hub for innovation in several key industries, including life science, technology and health care.”

The report reveals that there are over 384,000 students enrolled in a four-year university within a 100-mile radius of Sacramento, while of the region’s 79,000 skilled employees, nearly 13% attended California State University Sacramento and over 10% attended UC Davis. Greater Sacramento also ranks #2 in the West Region as a percentage of employees having a four-year science, technology, engineering and math (STEM) degree, ranking only behind Seattle.

Greater Sacramento is also home to several leading global tech and life sciences companies and has been the #1 location option for talent migrating from the San Francisco Bay Area. Greater Sacramento attracted 29,000 people from the Bay Area between 2013 to 2017, nearly 4x higher than the second most found in Seattle (7,700), followed by Portland (4,600), Denver (3,200) Austin (3,000) and Salt Lake City (1,600). Furthermore, Greater Sacramento has averaged a total of 12,300 migrants annually moving into the region over the past five years, and moreover was the most popular migration this year, with more than half of home searches from buyers outside the area.

“The Sacramento region offers young talent the ability to be innovative with access to the most dynamic economy in the world, due to our close proximity to the Bay Area,” Greater Sacramento Economic Council President & CEO Barry Broome said. “Our region allows workers the ability to have an active lifestyle within Northern California, which is one of the key reasons why we are an attractive place to live, work and play all within a cost effective price point.”

Greater Sacramento’s urban lifestyle is another appealing factor, led by the Downtown and Midtown neighborhoods as its cultural center. Within the 500+ blocks known as “the Grid,” some of the city’s best restaurants, shops and attractions are easily explored via foot, bike or electric scooter. Midtown was also named as a ‘Cool Street’ by Cushman & Wakefield, a title the firm bestowed on some of the most popular urban retail markets across North America in its most recent Cool Streets report series in 2019.

Among other popular characteristics the region has been praised are its diversity, friendly communities, a top-ranked climate, and its numerous amenities including being America’s Farm-to-Fork capital, more than 70 local breweries, over 200 wineries, and over 100 golf courses. The region is also proximate to Lake Tahoe, a popular destination for outdoor sports and leisure and entertainment enthusiasts.

Transportation services as well as reasonable commute times are another alluring quality for employees and employers. Thomas said, “Greater Sacramento’s large inventory of suburban office product makes for shorter commutes. Affluent bedroom communities surround our largest office submarkets, meaning there are plenty of great places to live near where employees work. And our region continues to develop more housing to support demand and growth, accommodating both local and remote workers.”

To access the full report, please Click HERE




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