LOS ANGELES—Silicon Valley and New York City are obvious choices for any list of the top tech markets, but what about up-and-comers such as Oklahoma City and Nashville? They stand out as top “momentum markets” in the sector, says CBRE Research, which cites talent clustering as a common factor in both large and small tech cities.

“For the past two years, the high-tech industry has not only spurred the economy as a whole, but it has been the top driver of commercial office activity, influencing rents and vacancy in major markets across the US,” says John Frager, executive managing director of CBRE's tech and media practice. Adds Colin Yasukochi, director of research and analysis for CBRE, “Tech talent growth rates are the best indicator of labor pool momentum and it's easily quantifiable to identify the markets where demand for tech workers has surged,”

Although tech talent comprises just 3.4% of the total US labor pool with 4.4 million employees, the industry accounted for more major US office leasing activity than any sector over the past two years. In 2013, tech's share of major leasing deals was 13.6%, in 2014, it climbed to 19%, according to CBRE.

“Though highly concentrated within the high-tech services industry, tech talent is not limited to any one type of company and can be found across all industry sectors,” says Yasukochi. “In fact, more than 60% of tech talent jobs are located outside of the core high-tech industry and these workers help generate innovation and advances that can boost the whole economy, including the commercial real estate market.”

Not surprisingly, Silicon Valley tops the list of markets on CBRE's Tech Talent Scorecard. It's not tops in all departments, however: San Francisco boasts lower vacancy and New York City higher rents, while the growth of less-established tech markets such as Nashville, Oklahoma City, Portland, OR and Charlotte surpasses that of Silicon Valley.

The report also examined occupier costs, based both on wages paid to employees and rent paid for office space. CBRE Research combined these two costs for a “typical” 500-person tech firm needing 75,000 square feet of office space. Among large markets, Silicon Valley is the highest cost and Detroit is the lowest cost. For smaller markets, Oakland is the highest cost and Oklahoma City is lowest.

Tech is still largely a man's world, with employees in the talent markets in CBRE's study averaging 76.2% male and 23.8% female. Although half the tech talent markets have a greater concentration of women in these occupations when compared with the US average, the numbers are still imbalanced. The most gender-diverse tech talent market is Philadelphia with 31% female representation.

Nearly 75% of the top 50 tech talent markets have an educational attainment rate above the national average. New York City, DC and Los Angeles topped the list for the largest numbers of tech degrees completed in a two-year period.  Among smaller markets, Columbus, OH was the standout in this area, beating large markets like Dallas/Ft. Worth and Philadelphia in the number of tech degrees completed in the past two years. CBRE sees future tech talent growth in these numbers.

If tech is primarily a man's world, it's definitely a profession for the young. CBRE notes that the presence of millennials in the workforce has contributed to the growth of tech talent labor pools. In Boston, for example, millennials make up more than 25% of the total population, helping to ensure that city's ranking in the top 10 markets for tech talent. In Washington, DC—second only to Silicon Valley on CBRE's Tech Talent scorecard—the millennial population has increased by 26.5% since 2009.