CBRE defines a small tech talent market as a region with fewer than 50,000 tech workers. While their 2025 report ranks the top 50 overall markets (large and small combined), CBRE doesn’t provide a singular, comprehensive list of the top-ranked small tech talent markets across North America. So, we did it.
Perhaps you’re wondering why it’s important to analyze small tech talent markets at all. How can a community with fewer than 50,000 tech workers compete with powerhouses like San Francisco, New York and Toronto?
Well, they present a unique opportunity for growing businesses.
As the World Economic Forum explains, “Small and medium-sized urban centers … have become more attractive in recent years.” Many smaller markets are “reputable knowledge centers, with strong universities and established institutions that underpin business and job creation.”
In other words, they present the ideal environment for companies that need talent and expertise without the high costs or relative prestige of an office in Silicon Valley or central Manhattan.
Plus, the quality of life can be better in small and medium-sized cities. Housing is more affordable, bike trails and urban parks are plentiful and neighbourhoods are well-connected.
As more business leaders look to small tech talent markets, we compiled data on the top regions in North America for talent growth, concentration, cost and demographics.
Overall ranking
Some of the top tech talent markets include the regions of Waterloo, Pittsburgh, Madison, Kansas City and Quebec City. Top tech talent markets are ranked according to their competitive advantages and appeal to both employers and employees.
Here are the top 10 small tech talent markets in North America according to CBRE.
Source: CBRE Scoring Tech Talent, 2025
Tech talent growth
Tech talent growth refers to the percentage change of a tech workforce over the last three years.
For a small tech talent market, this is a clear indication that a region is developing businesses that attract talent, while fostering a community where workers want to live and work.
Source: CBRE Scoring Tech Talent, 2025
Tech talent concentration
Tech talent concentration represents a cluster of tech workers. It is the percentage of total employment and “an influential factor in how ‘tech’ the market is and its growth potential” (CBRE 2025).
Despite their smaller workforces, small tech talent markets with strong tech talent concentrations are excellent locations for expansion. A higher concentration means a significant portion of the employed population is working in tech, creating a pool of experienced and skilled talent.
Source: CBRE Scoring Tech Talent, 2025
Operating cost
One of the main appeals of small tech talent markets is the cost. CBRE reports that “small markets typically offer business and cost-of-living savings.” The price tag for locating or expanding to a small tech talent market is often lower than a large market, which leaves room in your company’s margins for more talent, research and development and efficient operations.
As you can see, the least expensive markets cost less than $35 million (USD) per year for a 500-person office, while a similar office in New York would cost more than $70 million (USD).
Source: CBRE Scoring Tech Talent, 2025
Population change of young people
A key characteristic of a top tech talent market – big or small – is the concentration of young people. The “number and concentration of people in their 20s … drives workforce growth and innovation” (CBRE 2025). If a small tech talent market is on your expansion radar, you’ll want to analyze the region’s demographics. This way, you can determine whether there is a strong pipeline of young talent to fuel your company’s growth.
Source: CBRE Scoring Tech Talent, 2025
Which small tech talent market is right for you?
Small tech talent markets are in the spotlight. With the skyrocketing cost of living and overcrowding in major cities, many entrepreneurs and business leaders are looking elsewhere.
But not all small tech talent markets are created equal. Tech talent concentration, growth, cost and demographics vary across each community, which is why it’s essential to compare them to one another across comparative data metrics.
Key Takeaways
- Small tech talent markets are becoming more attractive for their cost profile, innovation sectors and skilled talent.
- Waterloo region is the #1 small tech talent market in North America, followed by Pittsburgh and Madison.
- Waterloo has the strongest tech talent concentration out of all the small tech talent markets in North America, which indicates a strong growth potential.
- Edmonton, Quebec City and Waterloo Region are the three least expensive small tech talent markets in CBRE’s report.
- Young talent is key to a thriving tech workforce, which Waterloo has in spades, with a 40.3% population change of those in their 20s.
Waterloo is the top-rated small tech talent market, with one of the highest tech workforce growth rates and strongest concentrations of talent. Contact us to explore what the Waterloo community has to offer.