The tech industry has long been known for its emphasis on its high-end locations, but this trend has recently accelerated as more companies have started investing in developing high-profile technology hubs.
In the first quarter of 2018, a total of 15 tech companies spent $2.2 billion in the United States on office space, according to data compiled by Bloomberg.
The top five spenders include tech giants such as Facebook ($2.6 billion), Oracle ($2 billion), Microsoft ($2 million) and Apple ($2,000 million).
The same trend is also expected to continue in 2019.
According to a report from BNA, the average salary of an executive in the tech industry in 2019 was $160,000.
That’s up from $146,000 in 2016, and $116,000 last year.
The number of companies opening tech hubs is expected to grow to over 4,000 by 2019, with the average company spending $5 billion annually, according the report.
And that number will grow to 8,400 by 2020, according BNA.