Salt Lake City Tech Companies – Salt Lake City is rapidly emerging as one of the most important technology centers in the country. Photo… [+] Credits: Getty
Silicon Valley is still the tech capital of the country, but according to new data, it may not be for much longer.
Salt Lake City Tech Companies
Data from Cushman & Wakefield, a Chicago-based commercial real estate services firm, shows that many other cities are gaining ground in the tech sector, especially from a real estate perspective.
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According to the company’s latest report, “Spotlight on Technology Leasing,” Salt Lake City saw the second largest number of technology-related commercial leases last year and now boasts the ninth largest share of technology tenants in the country. Tech companies accounted for more than 66 percent of all large commercial leases signed in 2018 — more than even established hubs like San Francisco, Seattle and Denver.
According to Ken McCarthy, chief economist at Cushman & Wakefield, while affordable rents may play a role — asking rents last year were $24.31 per square foot, a fraction of what San Francisco and Silicon Valley command — other factors are at play. They work here. as well. For example? The city’s tech talent and its millennial population.
According to data from real estate services firm CBRE, Salt Lake City has one of the largest millennial populations in the country. About 21 percent of its residents are between 23 and 28 years old, compared to 13.9 percent of the country’s total population. CBRE ranked Salt Lake City at number 22 on its list of cities for top tech talent.
However, Salt Lake City isn’t the only city that has made its mark on the tech scene. Data from Cushman & Wakefield shows that Boston is growing along with technology. Nearly half of all large commercial leases last year were from the technology space.
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McCarthy, who also heads applied research at the company, said talent and access to venture capital funding are key contributing factors. “Of course, having MIT and Harvard across the river in Cambridge helps too,” he said.
The emergence of the city’s tech scene is evident on the scene, according to Matt Dolan, a Boston-based residential real estate broker.
“There has been a lot of movement in the technical staff market,” he said. Boston’s successful tech startups are known for their close-knit culture. As soon as one person buys, many others follow suit. We have repeat buyers from a handful of companies.”
Boston and Salt Lake City aren’t the only cities to watch in the tech sector. Austin, Texas and Nashville are also developing “new technology clusters” that are on Cushman’s radar, according to McCarthy.
Salt Lake City
“More and more companies are looking for talent, and this has led to an increase in technology centers in non-traditional locations,” he said. “We expect this pattern to continue.”
This chart shows that technology took up the largest share of commercial rent in the US last year… [+].
If the latest data is any indication, technology is playing an increasingly important role in the commercial real estate market – not just in these few cities, but across the country.
Overall, tech companies accounted for more than a quarter of all new commercial leases signed last year, the most of any industry. Technology companies also took up more space per lease than organizations in other sectors. The average technology-related lease is over 71,000 sq. ft. The non-technical fare was barely half of that.
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As McCarthy says, “One thing is clear. Technology is now the dominant sector in the US office market. Don’t expect that to change anytime soon.” If you’re looking for a high-paying tech job, you don’t necessarily need to pack up and move to Silicon Valley, California.
In recent years, the state of Utah has become known for its booming technology industry. Many of these companies are located in the Salt Lake City metropolitan area, which has been nicknamed “Silicon Slopes”.
According to a recent Bloomberg report, many Utah tech companies are hungry for talented workers. The report found that Utah ranks at the bottom of the nation’s top 15 most innovative states for the number of science and engineering degree holders, meaning there are plenty of opportunities for candidates with these degrees.
The editorial found that despite strong universities and state investments in the state, Utah does not continue to produce qualified candidates for these desirable technical positions.
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While this information appears to ease the bleak outlook for Utah’s strong tech sector, it can be viewed as good news for qualified job seekers – whether you are a Utah resident or not.
Bottom line: There are tons of tech companies in Utah that are great places to work and they also need smart, motivated people.
Based in the great city of Salt Lake City, Utah, Empire Resumes has compiled the following list of some of the best tech companies in the state and why you might want to work for them.
Based in Lyndon, Utah, BambooHR has built a reputation as a great place to work. This software technology company has an award-winning culture and has been named the best place to work by various publications and websites.
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Empire Resumes has learned that BambooHR employees enjoy great benefits like flexible work hours and great company parties. The company also enforces its “anti-workaholic” policy, which strongly encourages work-life balance.
There are more. BambooHR introduced an unusual “vacation with pay” policy in 2015, in which employees who work for more than six months are eligible for reimbursement of up to $2,000 for vacation expenses, such as airfare.
While employees rave about the benefits, they consistently say that the best thing about working for the company is the positive culture where they feel that their work and opinions are valued.
BambooHR has grown significantly since its inception in 2008 and the company now has 470 employees. Some of the technical jobs currently available include senior software engineer, senior systems engineer, and data architect.
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Lucid is another Utah-based software company that has won several awards for its workplace culture. Based in South Jordan, Utah, the company has grown rapidly since its inception in 2010.
Employees receive benefits such as stock options, annual company retreats, paid maternity and paternity leave, and excellent health insurance and 401(k) benefits. Like BambooHR, Lucid employees describe a positive culture where teamwork is valued and leadership is transparent and accessible.
Some of the technical jobs currently available at Lucid include senior software engineer and web developer. Software Engineers at this company can expect to earn an average gross annual salary of approximately $82,000.
Podium is another Utah-based software company that was founded in the last decade. Like the other companies we’ve mentioned so far, Podium has won multiple Best Places to Work awards and has grown rapidly in recent years.
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Based in Lehi, Utah and founded in 2014, Podium develops cloud-based software that helps businesses modernize customer interactions and improve their online reputation.
The company has seen amazing growth in revenue since 2014 and now employs around 350 employees. As per the report, Podium plans to hire 400 more employees by the end of 2020.
Empire Resumes found that Podium has an excellent benefits package, which includes unlimited paid time off and a (recently added) matching 401(k) plan. Employees say one of the best parts of working there is working with very smart and talented colleagues, even though the work culture is fast-paced and can be intense, according to various reviews.
Simplex is based in Salt Lake City and, like the other Utah tech companies we’ve mentioned, has seen explosive growth since its founding in 2014. The IT services company now has over 500 employees on four continents, following several business acquisitions. In recent years.
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Simplus employees enjoy a robust benefits package that includes a matching 401(k), unlimited paid time off, and plenty of telecommuting options. The company has also won awards for its culture, where employees say they feel free to try new things and are valued by managers.
As with other successful tech startups on the list, employees say that one downside of working at Simpleus is the growing pains that come with the company’s rapid growth. All things considered, this is a minor complaint.
Rounding out our list is Domo, a software technology startup founded in 2010 and based in American Fork, Utah. Founded by BYU graduate Josh James, Domo is another fast-growing Utah tech company with high hopes for the future.
The company faced criticism and controversy for its 2018 IPO, but has had some positive news to share since then. James, the CEO, is known to be an unconventional leader, and the company is also known for its witty billboards.
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Domo has consistently received Best Place to Work awards, and is another Utah tech company with the dream benefits package, which includes four weeks of paid vacation and 13 paid holidays to start.
According to a recent report from the University of Utah’s Kim C. Gardner Policy Institute, Utah’s technology industry job growth was 4.9 percent per year from 2008 to 2018, the third highest growth rate in the nation.
As our article shows, there is no shortage of innovative technology
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