Commercial real estate services and investment firm CBRE ranks Newark as a top market with more than 53,000 technology jobs, most in software development, computer programming and database system management.
The CBRE Scoring Tech Talent Report said Newark’s total tech occupations grew by 9.7 percent from 2013 to 2018.
In the last five years Newark produced 6,153 more tech graduates than the market could employ, according to CBRE. The region produced more than 2,750 new tech graduates in 2017, up 57.3 percent in the past five years.
The report found the rent-to-tech wage ratio is 18.6 percent. The average apartment rent for a year in 2019 is $20,597 ($1,716/month), and the average technology worker earns a median salary of $110,772.
CBRE ranks 50 American and Canadian markets according to their ability to attract and grow tech talent. The Tech Talent Scorecard was based on 13 unique metrics, including tech talent supply, gender diversity, growth, concentration, cost, completed tech degrees, industry outlook for job growth, and market outlook for both office and apartment rent cost growth.
Manhattan is the most expensive market with apartment rents averaging $49,445 per year ($4,120/month) and technology workers earn an average of $113,500 annually.
“Newark has the ideal combination of a highly educated and talented workforce, and is conveniently located in proximity to Manhattan,” CBRE Senior Vice President Dudley Ryan said. “As one of the top East Coast tech hubs and the largest port on the East Coast, second only to the West Coast’s Port of Los Angeles, Newark’s technology sector is well positioned for growth in both technology and logistics.”