San Diego Wage Growth Is A Big Win for Office

San Diego

San Diego is among the leading markets in the US for wage growth, thanks largely to its innovation and technology hubs, according to a recent report from JLL. The wage growth has been a big win for the office market, because the companies paying top salaries are also shelling out top rents on high-quality office product. The trend is all part of the ongoing war for talent, where companies are fighting to attract professionals.

“As wages grow and the war for talent continues, besides raising wages to recruit employees, we are seeing companies leasing high-quality office space to attract workers. Since 2014, the number of employees at high-tech companies has grown by 20%, being a driving force for expansion in the innovation sector,” Pat Ashton, senior marketing analyst at JLL. “Defense, software, and general tech combined represented 32 percent of the office leasing in year-to-date 2019, creating a positive outlook for the future of high-tech jobs in San Diego.”