According to new research by global real estate consultant JLL, across Central Florida's Interstate-4 Corridor, high tech firms' pursuit of talent has touched off a wave of inbound millennial migration from across the U.S. that shows no signs of slowing soon.
JLL reports the I-4 Corridor's job market is the tightest it's been in over a decade. Last year it was home to about 22,935 technology establishments hosting 265,304 technology jobs, with the average salary of $89,945, according to the Florida High Tech Corridor Council.
For companies seeking to attract and retain talent, or optimize business location strategy, understanding the millennial appeal of the Corridor is key to planning for the future. Largely, it comes down to how work, lifestyle and community are being realized in the Space Coast, Orlando and Tampa Bay.
JLL's research analyst Benjamin Landes tells The World Property Journal, "The Corridor promises to provide an on-going pipeline of high-quality talent as its universities continue to pump out graduates and new residents continue to move to the region. This trend is catching the eyes of major employers looking to grow their operations in an increasingly tight job market, driving up demand for office space and encouraging investment in new product."
Imminent Space Coast takeoff is bringing jobs of the future
Brevard County, also known as Florida's Space Coast, is set for takeoff. The region is gearing up for a massive resurgence in the space industry. As young professionals flock here for high-paying STEM careers, they are also fortifying the consumer base that supports other thriving industries, the foremost of which is tourism.
Orlando's urbanization is creating opportunities
Adding more than 1,500 residents every week, the Orlando-Kissimmee-Sanford metropolitan statistical area (MSA) is one of the fastest growing in the nation. Millennials make up 29.8 percent of the city's population, according to Esri Demographics, and a recent survey by homes.com ranked Orlando as the best city in the country for millennials in 2019 based on the job market, housing costs and age demographics.
"As a city, we continue to focus on growing and nurturing a strong tech and entrepreneurial community in Orlando," said Orlando Mayor Buddy Dyer. "A perfect example of our commitment is Creative Village. Creative Village is anchored by the regional headquarters for Electronic Arts, Inc. (EA) and the UCF Downtown Valencia College campus alongside other high tech and creative companies. This type of partnership fuels our unique culture of collaboration, strengthen our tech talent pipeline and increase Orlando's reputation as a tech hub."
Tampa Bay's beckoning of tech is diversifying employers
Proven to be a fertile ground for start-ups and tech companies, Tampa Bay's population of 25- to 34-year-olds is forecast to grow by 4.4 percent over the next four years. Attractive to university students and graduates alike, Tampa Bay also features miles of coastline, dozens of parks and plenty of hip neighborhoods.