April 20, 2017
For years, Silicon Valley has been the tech haven of the world. With more patents, more unicorn companies, and more overall innovation than anywhere in the world, it was hard to argue with the Bay Area’s status as the best city for tech. However, all kingdoms must fall, and according to one real estate firm, this one already has.
According to research from Savills, a UK based real estate firm, the best city for tech is no longer San Francisco, thanks to the outlandish living costs and understandable over-saturation of the market. Despite it’s obviously tech-focused environment, the cost of business was simply too high to be considered the best city for tech.
So who dethroned the long time champion of tech? Which US city was able to inspire innovation, muster manpower, and keep real estate costs below a king’s wage in pursuit of the perfect city for tech? If you thought it was going to be another coastal city, you couldn’t be more wrong, as Austin, Texas, took the crown.
“Access to venture capital and talent give US cities a lead on other global centers,” wrote the authors of the study, who compiled a full 22-city list for the entire world. “Austin beats San Francisco to the top of the table because it is so successful in attracting human capital.”
As a cost-effective, talent-rich alternative to Silicon Valley, Austin was the obvious number one for plenty of reasons. Not only do tech giants like IBM, Dell, and AMD have long standing presences in the Texas city, but the decidedly entrepreneurial culture makes startups feel welcomed and inspired as soon as they set up shop. Plus, being the home of SXSW doesn’t hurt.
As for the other cities on the list, there aren’t many surprises, with New York, Seattle, and Boston rounding out the top five in the US. For a more comprehensive look at the top cities around the world, not just in the US, take a look at the graph below and make sure to download the entire report here to figure out why your city didn’t make the cut.
Read more reports and rankings here on Tech.Co
Did you like this article?
Get more delivered to your inbox just like it!