Toronto-Waterloo corridor named ‘tech talent powerhouse’: CBRE report

A report from the CBRE, a commericial real estate firm, found the Toronto-Waterloo corridor is a “tech talent powerhouse.”

Between 300,000 to 500,000 tech workers operate in the corridor, making it comparable to places like New York, Paris and London.

According to the report new technology, like artificial intelligence, is driving a search for skilled tech workers around the world. It adds that the demand is beginning to “outstrip” supply in some markets, having some employers go to “untapped” areas.

““Demand for tech talent remains high as businesses seek new ways to leverage technology to drive transformation,” said Colin Yasukochi, executive director of CBRE’s Tech Insights Center, in a press release. “Employers seeking innovation and efficiency are expanding into many established and emerging markets for skilled tech talent, lower labour costs and strong growth potential.”

In 2023, the Toronto-Waterloo corridor had a total compensation average, including base pay and benefits around $100,272 USD. Amsterdam recorded the highest in the world with $204,673 USD, and places in India and Latin America had the lowest with less than $56,000 USD.

The average apartment rent for the corridor was $1,127 USD, compared to places like New York, San Francisco Bay Area, Boston and Seattle that had the highest in the world, around $2,100 USD.

The full report can be found here.