THE GREATER SACRAMENTO TALENT STORY How Greater Sacramento’s burgeoning talent base is an opportunity for employers and individuals alike. TABLE OF CONTENTS 06 09 12 Who’s here now? Who’s migrating in? What does the pipeline look like? 18 30 36 Why does talent want to be here? What are the opportunities for businesses? What are companies here saying? THE GREATER SACRAMENTO TALENT STORY TESTIMONIALS Company: Industry: Riskalyze Technology/Fintech Company: SuiteAmerica Industry: Logistics/Corporate Relocations “We couldn’t be prouder to have built our growing company in the Sacramento area. From the overall talent pool to the support from community leadership, this region has been great for our business and for the lives of our employees and their families.” “We relocated our headquarters over 20 years ago to the Sacramento region. Based in El Dorado Hills, we have found that the affordability and lower cost of living compared to many urban areas have been a real plus for our company and our employees. Aaron Klein, CEO Less traffic, less stress and overall ease of living. The talent pool is excellent. Everyone wants to be here.” Robin Masten, President 04 ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 05 Company: Industry: Zennify Technology/Cloud Computing “Greater Sacramento offers a treasure of technical talent and creative problem solvers and is now Zennify’s core site for cloud innovation and Salesforce solution development.” Manvir Sandhu, Founder & President Company: Industry: Trifecta Technology/Food Tech “Trifecta is the definition of ‘Farm-toFork’ in the 21st century. Our team sources ingredients from the Central Valley to produce millions of meals sold via e-commerce that are shipped nationwide, helping build a healthier America - one meal at a time.” Greg Connolly, Founder & CEO Company: Industry: Luxer One Logistics/Smart Storage “Moving our operations to Sacramento has opened my eyes to how our company can fill the needs of much wider audiences. I credit our growth to our move to Sacramento. It enabled me to better define our vision and test solutions that have now scaled across the country to fill a real, nationwide market opportunity. If San Francisco is the hotbed of innovation, then Sacramento is the hotbed of opportunity.” Arik Levy, CEO Company: Industry: Applied Spectra Technology/Chemical Tech “As we were evaluating locations for our new headquarters - access to talent, the proximity to the Bay, manufacturing supply chain infrastructure, affordable housing and quality of life for our employees were the items that were top of mind. West Sacramento and the Greater Sacramento region met all these important criteria. We are excited to be a part of a community where their mission aligns with our company’s values.” Dr. Jong H. Yoo, CEO & President T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « The Greater Sacramento Talent Story examines access to talent and opportunities for growth across the region. Gone are the days when Greater Sacramento could be considered merely a government town with a high concentration of public institutions. Increased amenities and a lower cost of living have led to higher inbound migration, particularly among Millennials. Our region’s educated and diverse population, higher quality of life and employment opportunities are all factors that continue to make Greater Sacramento a better choice for businesses and individuals alike. WHO’S HERE NOW? POPULATION The Greater Sacramento metro area is home to more than 2.5 million individuals across Sacramento, Yolo, Placer, El Dorado, Yuba and Sutter counties. Over the past decade, the region’s population has grown by 20%. Furthermore, the greatest percentage of the population falls within the ages of 20 to 49 with a median age of 37.0 years. Salt Lake City, UT 32.4 Austin, TX 32.7 Pittsburgh, PA 32.9 Phoenix, AZ 33.3 San Diego, CA 34.3 Sacramento, CA 34.3 Denver, CO 34.4 Kansas City, MO 35.2 Reno, NV 35.5 Seattle, WA 35.7 Los Angeles, CA 36.0 San Jose, CA 36.4 Portland, OR 36.8 Las Vegas, NV 18.9% 37.4 San Francisco, CA 38.3 50 to 64 Scottsdale, AZ 46.9 15.3% United States 37.8 California 36.1 GREATER SACRAMENTO POPULATION BY AGE 6.2% Less than 5 19.5% 5 to 19 21.0% 20 to 34 19.1% 35 to 49 65+ Source: Emsi, 2019. 06 MEDIAN AGE BY MARKET Source: US Census Bureau, 2018. ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. :55 23,: 823:9; 5:35 5.: 0 @2019 SACRAMENTO ECONOMIC 09 INBOUND MIGRATION MILLENNIAL MIGRATION RANKING INBOUND MIGRATION Top areas from which individuals are migrating to Greater Sacramento annually: Bay Area (27,116) Fresno (1,432) Los Angeles (8,928) Bakersfield (1,383) Stockton (4,136) Portland (1,353) Riverside (2,804) Seattle (906) San Diego (2,543) Austin (228) Chico (2,213) Denver (186) Modesto (1,840) Source: US Census County to County Migration, 2016. 1 Seattle, Washington Net: 7,302 Millennials gained 2 Columbia, South Carolina Net: 6,937 Millennials gained 3 Sacramento, California Net: 6,680 Millennials gained 4 Minneapolis, Minnesota Net: 6,529 Millennials gained 5 Jacksonville, Florida Net: 6,354 Millennials gained 6 Newport News, Virginia Net: 5,667 Millennials gained 7 San Jose, California Net: 5,496 Millennials gained 8 Denver, Colorado Net: 5,106 Millennials gained 9 Norfolk, Virginia Net: 4,997 Millennials gained 10 Virginia Beach, Virginia Net: 4,984 Millennials gained Source: Miller, Derek. “Where Are Millennials Moving?” SmartAsset, 2018. In recent years Sacramento has experienced an influx of migration, particularly of Millennials seeking opportunities outside of larger markets. Net migration data has shown that Sacramento is the third most popular city in the nation for Millennials and this trend is expected to continue. People are leaving more expensive cities with a higher cost of living for hubs like Greater Sacramento due to its lower living costs, access to amenities, proximity to local attractions and the available job opportunities. T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « WHO’S MIGRATING IN? DIVERSITY IN GREATER SACRAMENTO Diversity in the Greater Sacramento region is increasing rapidly. Of the non-Caucasion population, the leading ethnic minorities include Hispanic, Asian, Black, and Two or More Races, Non-Hispanic. RACE/ETHNICITY 2018 POPULATION Hispanic 467,635 Asian 340,932 Black 169,419 Two or More Races, Non-Hispanic 107,700 Two or More Races, Hispanic 36,122 American Indian or Alaskan Native, Hispanic 24,343 Black, Hispanic 20,615 Native Hawaiian or Pacific Islander, Non-Hispanic 20,480 Asian, Hispanic 15,269 American Indian or Alaskan Native, Non-Hispanic 14,900 Native Hawaiian or Pacific Islander, Hispanic 3,016 TOTAL DIVERSITY IN GREATER SACRAMENTO 1,220,431 Source: Emsi, 2019. WOMEN-FOUNDED BUSINESSES IN THE UNITED STATES The Greater Sacramento region leads the nation in the number of Women-Founded Businesses. Tied with Los Angeles, 25% of all businesses in Greater Sacramento are founded by women. PERCENTAGE OF WOMEN-FOUNDED BUSINESSES 30.0% 25.0% 20.0% 15.0% 10.0% Source: Center for American Entrepreneurship Analysis of PitchBook Data, 2017. 10 ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. Sacramento, CA Los Angeles, CA Kansas City, MO San Francisco, CA Denver, CO Portland, OR San Diego, CA Seattle, WA San Jose, CA Austin, TX Dallas, TX Phoenix, AZ 0.0% Salt Lake City, UT 5.0% 11 47.5% 50.0% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% Greater Sacramento, CA Austin, TX Phoenix, AZ United States Denver, CO Salt Lake City, UT Kansas City, MO Portland, OR 0.0% In a study of over 1,000 companies by McKinsey Analysts, the organizations with the most ethnic and cultural diversity on their executive boards were 33% more likely to achieve above-average profitability. Source: McKinsey Analysis, 2017. Source: Emsi, 2019. Sacramento MSA TIED FOR 1st IN THE NATION ORGANIZATIONS WITH THE MOST GENDER-DIVERSE LEADERSHIP TEAMS ARE 27% MORE LIKELY TO OUTPERFORM ON VALUE CREATION. Source: McKinsey Analysis, 2017. T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « CONCENTRATION OF DIVERSE POPULATIONS ACROSS THE COUNTRY WHAT DOES THE PIPELINE LOOK LIKE? EDUCATION Greater Sacramento has access to a top-tier pipeline of 754,963 students currently enrolled in 2-year and 4-year institutions within 100 miles. 56 % ofareundergraduates enrolled in 35 STEM majors. % ofareundergraduates enrolled in Sources: UC Davis, CSU Sacramento, 2019. 12 STEM majors. STUDENT POPULATION AT THE LARGEST EDUCATIONAL INSTITUTIONS IN THE REGION NAME STUDENT POPULATION UC Davis 37,380 American River College 31,858 CSU Sacramento 31,255 Sacramento City College 21,323 Sierra College 18,221 CSU Chico 17,488 Cosumnes River College 14,120 Folsom Lake College 8,682 UC Merced 7,967 College Navigator, 2019. ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 13 UC DAVIS OVERVIEW • Top Majors: Managerial Economics, Neurobiology, Computer Science, Human Development, Biochemistry & Molecular Biology • Top 30 in the nation for Economics, Management, English and a variety of Engineering majors • Top 10 on the West Coast for Computer Science and Engineering OVERVIEW • Top Majors: Master of Physician’s Assistant, Doctorate of Education, Master of Public Policy • Top 10 business program in California • #3 in salary after attending a similar-sized university in California • #5 out of the 50 most underrated colleges in America PROGRAMS & INITIATIVES • UOP has 80 undergraduate areas of study, 12 accelerated programs and over 30 graduate programs. • UOP offers a unique 4-Year Graduation Guarantee. If the student meets all conditions of the four year plan but is unable to graduate due to unavailability of a course, the university will cover the additional cost. Sources: University of the Pacific, Business Insider, White House College Scorecard, 2019. • #1 in the nation for launching women into STEM professions UC MERCED • #5 Public University in the U.S. OVERVIEW • #1 Global Veterinary University • #2 Global Agricultural Sciences PROGRAMS & INITIATIVES • UC Davis will be developing an innovation center on the UC Davis Health campus in Sacramento called Aggie Square. This project aims to create opportunities throughout the region, both educational and economic. The innovation hub will offer 600,000 sq. ft. of office and laboratory space, 50,000 sq. ft. of retail and 600 housing units. • Top Majors: Biology, Mechanical Engineering, Computer Engineering, Business Administration • #5 in the nation for social mobility PROGRAMS & INITIATIVES • Research expenditures exceeded $28.9 million in the 2017-2018 fiscal year. Source: UC Merced, 2019. • The university offers a wide variety of research programs including the Air Quality Research Center, the Comprehensive Cancer Center, the Institute of Transportation Studies and more. CSU CHICO Sources: UC Davis, U.S. News, World Report, 2019. • Top Majors: Business Administration, Pre-Nursing, Mechanical Engineering, Psychology CSU SACRAMENTO OVERVIEW • Top Majors: Business Administration, Nursing, Criminal Justice, Communications, Biology • In 2010 and 2015, Sacramento State was awarded with the Carnegie Community Engagement Classification OVERVIEW • Top 10 Regional Public University in the West since 1998 PROGRAMS & INITIATIVES • The Media, Entertainment and Technology collaboration program features virtual reality and other cutting-edge tech in the classroom. Source: CSU Chico, 2019. • #7 Most diverse university in the western United States UC BERKELEY • Nearly 70% of Sacramento State students receive some kind of financial assistance. Only 42% of undergraduates reported graduating with debt in 2013, compared to a national average of 69%. OVERVIEW • Top Majors: Engineering, Economics, Biological & Biomedical Sciences, Computer & Information Sciences PROGRAMS & INITIATIVES • #1 Public University Worldwide • Sacramento State’s Master of Public Policy and Administration ranks 21st in the nation. • #2 in the nation for Business Programs • The university’s Capital Fellows Programs are consistently recognized among the nation’s best internship programs and were voted into the top 10 in 2010, 2011, 2012 and 2014. • #3 in the nation for Engineering Programs Sources: CSU Sacramento, U.S. News, World Report, 2019. • Office of Undergraduate Research & Scholarships offers funding while supporting collaboration and research activities on campus. PROGRAMS & INITIATIVES • 350+ Degree Programs • In the fiscal year ending June 30, 2019, UC Berkeley attracted $779.8 million in new research awards. Source: UC Berkeley, 2019. T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY Top 10 on the West Coast for Computer Science and Engineering « UNIVERSITY OF THE PACIFIC WILLIAM JESSUP UNIVERSITY LOS RIOS COMMUNITY COLLEGE DISTRICT OVERVIEW OVERVIEW • Top Majors: Business Administration, Social Sciences, Liberal Arts & Humanities • Top Majors: Psychology, Business Administration • #2 Regional College in the West • 2nd Largest community college district in California • #4 Best Value School in the West • Approximately 75,000 students enrolled in the district colleges • #2 Best College for Veterans in the West PROGRAMS & INITIATIVES • William Jessup University distributes more than $30 million each year in scholarships to students. • The Dual Credit Program provides high school students with the opportunity to receive college credit for courses offered on their campuses. Sources: William Jessup University, U.S. News, World Report, 2019. • During the last recession, Los Rios was among only a handful of educational institutions in the state to avoid significant cuts to services PROGRAMS & INITIATIVES • The district specializes in workforce and economic development programs for business, government and organizations throughout the region. • Los Rios offers AA/AS degrees, certificates and transfer education opportunities. Source: Los Rios Community College District, 2019. TECHNICAL SCHOOL PROGRAMS CODING BOOTCAMPS MTI COLLEGE UC DAVIS MTI has called Sacramento home since 1965. Sitting between Arden Arcade and Citrus Heights, MTI is a trade and vocational school with programs in healthcare, information technology and business. MTI has been ranked the #1 vocational school in the Sacramento area largely due to 90% of graduates finding employment after graduation. Source: MTI College, 2019. CARRINGTON COLLEGE Carrington provides a diverse range of in-demand healthcare related certificate and associate degree programs. Most programs can be completed in 8 to 18 months, ranging from Registered Nursing, Veterinary Assisting, Medical Administrative Assisting, and Dental Hygiene. Source: Carrington College, 2019. Location Downtown Sacramento Subject Material HTML5, CSS3, JavaScript, jQuery, Bootstrap, Express.js, React.js, Node.js, Database Theory, Bookshelf.js, MongoDB, MySQL, Command Line, Git and Java. Source: UC Davis, 2019. UNITEK COLLEGE Unitek specializes in preparing students for the medical field with a focus in Medical Assisting and Vocational Nursing. The Sacramento campus consists of a 12,136 sq. ft. facility with nine classrooms and three modern labs. Source: Unitek College, 2019. NATIONAL CAREER EDUCATION HACKERLAB Source: NCE, 2019. Subject Material Electronics, Design - CAD - CNC, Programming & Web Development, Photography - Video -Audio, Business and Entrepreneurship, MakerAcademyX and more. NCE offers specialized career training and professional support via a diverse range of technical programs. Students seeking medical and technical training have the ability to become certified in their specialty in a timely manner and achieve their career goals. Location Midtown, Rocklin, Rancho Cordova Source: Hacker Lab, 2019. UNITED EDUCATION INSTITUTE UEI Sacramento is a technical school that provides career training and skills supported by faculty and staff that are committed to helping students reach their goals, especially when challenges arise. UEI offers several vocational and trade programs, including automotive, health and business specialties. Source: UEI College, 2019. 14 UNIVERSAL TECHNICAL INSTITUTE UTI offers a top Automotive Technology program. Focusing on a learn-by-doing philosophy, students take on the maintenance and repair of both foreign and domestic autos. The program is 51 weeks from start to finish, with an average of 690 hours in the lab. Four out of five graduates find employment in their field of study. Source: Universal Technical Institute, 2019. ACADEMYX Location Natomas Subject Material Access, Acrobat, InDesign, JavaScript, SEO, SQL and more. Source: AcademyX, 2019. ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 15 The total population in the Greater Sacramento region with a bachelor’s degree or higher has increased by 9% in the past five years. This demonstrates faster-paced growth compared to California (7%) and the United States (6%). Of the 2.5 million residents in the area, over 520,000 have a BA/BS at a minimum. For the population with STEM-related bachelor’s degrees, Greater Sacramento ranks as #5 in the West and #8 among the largest 50 Metropolitan Statistical Areas (MSA’s) in the country. METRO PERCENTAGE OF POPULATION WITH STEM DEGREES San Jose, CA San Francisco, CA Seattle, WA Greater Sacramento, CA Reno, NV 53% San Diego, CA Portland, OR of the population Salt Lake City, UT Denver, CO IN GREATER SACRAMENTO HAVE STEM DEGREES Austin, TX Los Angeles, CA Phoenix, AZ Kansas City, MO 0.0% 10.0% Source: Emsi, 2019. 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « GRADUATE POPULATION GRADUATE RETENTION College graduates are a key driver of innovation and economic development. Communities with higher concentrations of college graduates have greater economic growth, and about 42% of Greater Sacramento graduates stay within the region. The top industries that employ a greater amount of these graduates include Healthcare and Technology – the two industries that currently dominate Greater Sacramento’s private sector. TOP 10 MAJORS COMPLETED IN GREATER SACRAMENTO GRADUATE PIPELINE BREAKDOWN MAJOR SCHOOL TOP EMPLOYERS IN GREATER SACRAMENTO TOTAL GRADS (2017) # OF EMPLOYEES 1 Business Administration, Management & Operations 1 UC Berkeley 12,498 1 Kaiser Permanente 16,959 2 Social Sciences, General 2 UC Davis 10,492 2 Sutter Health 12,138 3 Biological & Physical Sciences 3 CSU Sacramento 7,820 3 Dignity Health 7,000 4 Liberal Arts & Sciences, General Studies & Humanities 4 American River College 6,630 Intel Corp. 6,000 5 Communication & Media Studies 5 CSU Chico 4,455 4 3,170 Raley's, Inc. 5,528 Psychology, General Sierra College 5 6 6 2,059 Apple, Inc. 5,000 Criminal Justice & Corrections Sacramento City College 6 7 7 8 UC Merced 1,420 7 Safeway 3,577 8 Biology, General 9 Cosumnes River College 1,183 8 PRIDE Industries 3,036 9 Economics 1,158 9 Health Net, Inc. 3,000 10 Research & Experimental Psychology Source: Emsi, 2019. TECH TALENT 10 Folsom Lake College TOTAL 50,885 Source: Emsi, 2019. Sacramento was named one of the Top-Ranked Tech Talent Markets out of 50 major markets in the United States and Canada. 10 VSP Global 2,700 Source: Sacramento Business Journal, 2018. Sacramento Sacramento SMALL TECH MARKETS IN NORTH AMERICA OVERALL IN NORTH AMERICA ENGINEERING-RELATED TECHNOLOGY #6 Source: CBRE, 2019. 16 COMPANY ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. #10 17 The Greater Sacramento region has a multitude of resources that offer services for employers and job seekers. Resource centers across our region provide programs to assist with employee acquisition, training and retention. STAFFING AGENCIES WORKFORCE DEVELOPMENT RESOURCES Volt Workforce Solutions An international staffing firm with a branch in Roseville, CA. California Employment Development Department (EDD) CA Workforce Development Board (CWDB) Star Staffing A certified woman-owned, full-service career and job placement platform. CareerGPS Sacramento Employment & Training Agency (SETA) Randstad Sacramento Randstad provides talent acquisition and management services, career resources, and job placement. CalJobs Sacramento Works Sacramento State Center for Small Business (CSB) Robert Half Staffing A national staffing firm that uses cutting-edge matching technology to help connect employers with top candidates. California Small Business Development Centers (CBDC) California Department of Industrial Relations (DIR) Pacific Staffing Over 30 years of experience in connecting Northern California job seekers and employers across diverse industries. Employment Training Panel Workforce Investment Boards (WIBs) WORKFORCE INNOVATION & OPPORTUNITY ACT River City Staffing Specializes their employment matching services with professionals in administrative, accounting and financial sectors. WORKFORCE INVESTMENT BOARDS UC Davis Extension Workforce Innovation and Opportunity Act T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « TALENT ACQUISITION, TRAINING AND RETENTION WHY DOES TALENT WANT TO BE HERE? COST OF LIVING The cost of living index measures relative price levels for consumer goods and services. The national average is 100, and each index is read as a percentage of the national average. As the index number rises, living becomes less affordable for the average consumer. 100.0 126.8 127.5 130.0 144.2 204.0 304.7 National Average Salt Lake City Sacramento Austin Denver Seattle San Francisco Source: Sperling’s Best Cities COL Index, 2019. PRIVATE SECTOR WORKFORCE AND EXPANSION POTENTIAL Based on talent already in the region, strong opportunity for growth exists across a number of private sector industries. Greater Sacramento’s dependence on government jobs has declined from 27% in 2009 to 22% in 2019. 20,998 50,992 Arts, Entertainment, and Recreation 43,714 Other Services 31,687 Finance and Insurance Transportation and Warehousing 82,146 Construction 113,374 Retail Trade 75,441 Administrative and Remediation Services Source: Emsi, 2019. 18 ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 19 HOUSING AFFORDABILITY MEDIAN HOUSEHOLD INCOME AVERAGE RENT PER MONTH RENT TO INCOME RATIO Greater Sacramento, CA $69,759 $1,210 20.8% Salt Lake City, UT $63,642 $1,112 21.0% METRO Austin, TX $69,502 $1,250 21.6% Denver, CO $72,614 $1,462 24.2% METRO MED. HOME PRICE APR 2019 WAGE TO AFFORD A 2-BDR APT Kansas City, MO $226,000 $18.33/hr Phoenix, AZ $285,000 $20.63/hr Dallas, TX $300,000 $23.10/hr Austin, TX $325,000 $25.29/hr Salt Lake City, UT $365,000 $20.67/hr Reno, NV $377,000 $19.94/hr $23.46/hr Greater Sacramento, CA $409,000 Portland, OR $414,000 $26.67/hr $451,000 $29.00/hr Seattle, WA $86,735 $1,778 24.6% Denver, CO San Francisco, CA $104,880 $3,421 39.1% Seattle, WA $625,000 $36.52/hr San Diego, CA $649,000 $39.77/hr Los Angeles, CA $65,950 $2,256 41.0% Los Angeles, CA $650,000 $34.44/hr United States $65,662 $1,352 24.7% San Jose, CA $1,275,000 $54.60/hr San Francisco, CA $1,618,000 $60.96/hr Sources: Emsi, Axiometrics, 2019. 13,193 Management of Companies and Enterprises Sources: Redfin, National Low Income Housing Coalition, 2019. 586 Mining, Quarrying, and Oil & Gas Extraction 21,842 13,863 Information Real Estate and Rental & Leasing 69,117 Professional, Scientific, and Technical Services 30,395 Wholesale Trade T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « AVERAGE EARNINGS 19,719 Educational Services 39,881 16,323 Agriculture, Forestry, Fishing, and Hunting 156,929 Health Care Manufacturing Potential to expand workforce across industries with the talent currently enrolled in universities and colleges QUALITY OF LIFE ROSEVILLE - ROCKLIN GRANITE BAY ROCKLIN-ROSEVILLE-GRANITE BAY Average Home Price $505,000 Average Rent per Month $2,395 Average Household Size 3 People Median Household Income $125,238 1hr 30min Distance to San Francisco 1hr 40min ELK GROVE SA CR AM 1 H EN T R O40 S MI AN N FR DR A N IV CI E SC O Distance to Lake Tahoe DAVIS SACRAMENTO DAVIS Average Home Price Average Rent per Month $2,600 Average Household Size 3 People Median Household Income $63,071 Distance to Lake Tahoe Distance to San Francisco SAN FRANCISCO Average Home Price $1,440,000 Average Rent per Month $3,421 Average Household Size 2 People Median Household Income $104,880 SAN FRANCISCO 20 $599,000 ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 2hr 1hr 10min 21 FOLSOM EL DORADO HILLS 200+ FOLSOM-EL DORADO HILLS Average Home Price OE DAYS OF EVENTS $557,000 Average Rent per Month $2,400 Average Household Size 3 People Median Household Income $106,718 Distance to Lake Tahoe 1hr 25min Distance to San Francisco 1hr 40min 600K+ ATTENDEES LAND PARK-EAST SACRAMENTOMIDTOWN Average Home Price $590,000 Average Rent per Month $2,150 Average Household Size 3 People Median Household Income $61,159 Distance to Lake Tahoe 2hr Distance to San Francisco 1hr 20min MUSEUMS $443,000 Average Rent per Month $2,000 Average Household Size 3 People Median Household Income $85,556 Distance to Lake Tahoe Distance to San Francisco LOCAL VENDORS & ARTISTS 22 ELK GROVE Average Home Price 200+ 2hr 1hr 30min 7+ FARMER’S MARKETS YEAR-ROUND Sources: Redfin, Axiometrics, SDTP, 2019. T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY TAH L AK E O T E AMEN SACR 2 HR DRIV « SOUTH LAKE TAHOE THE MOST DESIRABLE NEIGHBORHOODS IN GREATER SACRAMENTO LAND PARK EAST SACRAMENTO MIDTOWN THE HOTTEST NEIGHBORHOOD 150+ MILES OF BIKE TRAILS FOLSOM EL DORADO HILLS AN ADVENTURER’S PARADISE 22 Restaurants 230+ Coffee Shops 35+ Fitness Centers 25+ Shopping Centers 60 Bars & Nightlife 50+ 9+ THE BUSINESS DISTRICT 35+ RIVERS & LAKES Restaurants DOWNTOWN GOLF COURSES 60+ Coffee Shops 30+ Fitness Centers 40+ Shopping Centers 50+ ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. DAVIS THE STUDENT HUB Restaurants 150+ Coffee Shops 130+ Fitness Centers 65+ Shopping Centers 15+ 265 DAYS OF SUNNY WEATHER Restaurants 75+ ROCKLIN ROSEVILLE GRANITE BAY AN IDYLLIC AREA TO RAISE A FAMILY 29 LOCAL BREWERIES ELK GROVE FARM-TO-FORK CENTRAL « T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY 23 Restaurants 195+ Coffee Shops 60+ Fitness Centers 70+ Shopping Centers 10+ 70 LOCAL WINERIES Restaurants 75+ Coffee Shops 20+ Coffee Shops 20+ Fitness Centers 30+ Fitness Centers 47 Shopping Centers 5 Shopping Centers 20 TRANSPORTATION: SACRAMENTO INTERNATIONAL AIRPORT 179 HAWAII NONSTOP FLIGHTS from Sacramento International Airport 40 Nonstop National Destinations 04 Nonstop International Destinations Source: Sacramento County Department of Airports, Sacramento International Airport, 2019. 24 NONSTOP FLIGHTS FROM SMF 17 DAILY NONSTOP FLIGHTS TO SEATTLE 16 DAILY NONSTOP FLIGHTS TO LOS ANGELES 10 DAILY NONSTOP FLIGHTS TO PHOENIX 6 DAILY NONSTOP FLIGHTS TO DENVER 5 DAILY NONSTOP FLIGHTS TO SALT LAKE CITY 4 DAILY NONSTOP FLIGHTS TO CHICAGO 4 DAILY NONSTOP FLIGHTS TO LAS VEGAS 4 DAILY NONSTOP FLIGHTS TO PORTLAND 1 DAILY NONSTOP FLIGHT TO AUSTIN ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 70 th 4 15 1.7 Source: Amtrak, 2019. INTERCITY TRAINS AND 100 COMMUTER TRAINS PER DAY IN CALIFORNIA BUSIEST AMTRAK ROUTE IN THE NATION DAILY ROUND TRIPS MILLION GREATER SACRAMENTO AMTRAK RIDERS IN 2018 T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY San Jose-Oakland-Sacramento-Auburn « TRANSPORTATION: AMTRAK 25 MARKET COMPARISON: DAILY COMMUTES BAY AREA SAN FRANCISCO WALNUT CREEK OAKLAND SAN JOSE SAN RAFAEL PALO ALTO BAY AREA RUSH-HOUR COMMUTE DISTANCE (MI) ONE-WAY ROUND-TRIP SAN FRANCISCO - WALNUT CREEK 25.2 1hr 14min 2hr 28min OAKLAND - SAN JOSE 42.6 1hr 22min 2hr 44min SAN FRANCISCO - SAN JOSE 55 1hr 30min 3hr SAN JOSE - WALNUT CREEK 48.1 1hr 38min 3hr 16min SAN RAFAEL - PALO ALTO 50 1hr 46min 3hr 32min DISTANCE (MI) ONE-WAY ROUND-TRIP LOS ANGELES - PASADENA 11.5 29min 58min LONG BEACH - LOS ANGELES 25.1 1hr 2hr LOS ANGELES - BRENTWOOD 23.3 1hr 14min 2hr 28min SANTA MONICA - LOS ANGELES 16.2 1hr 29min 2hr 58min LOS ANGELES - ORANGE COUNTY 40.4 1hr 45min 3hr 30min GREATER LOS ANGELES LOS ANGELES PASADENA LONG BEACH BRENTWOOD SANTA MONICA ORANGE COUNTY LOS ANGELES RUSH-HOUR COMMUTE 26 ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 27 T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « SEATTLE SEATTLE BELLEVUE EAST KING COUNTY KIRKLAND EVERETT TACOMA SEATTLE RUSH-HOUR COMMUTE DISTANCE (MI) ONE-WAY ROUND-TRIP SEATTLE - BELLEVUE 9.8 34min 1hr 8min KIRKLAND - SEATTLE 16.0 39min 1hr 18min SEATTLE - EAST KING COUNTY 27.4 44min 1hr 28min EVERETT - SEATTLE 28.5 55min 1hr 50min TACOMA - SEATTLE 33.6 56min 1hr 52min DISTANCE (MI) ONE-WAY ROUND-TRIP GREATER SACRAMENTO SACRAMENTO ROSEVILLE FOLSOM RANCHO CORDOVA ELK GROVE DAVIS SACRAMENTO RUSH-HOUR COMMUTE SACRAMENTO - RANCHO CORDOVA 12.6 30min 1hr ELK GROVE - SACRAMENTO 15.4 34min 1hr 8min SACRAMENTO - ROSEVILLE 17.3 37min 1hr 14min DAVIS - SACRAMENTO 14.7 38min 1hr 16min SACRAMENTO - FOLSOM 23.2 45min 1hr 30min This comparison analysis shows the different routes an average commuter will drive in key markets on the West Coast on a daily basis. Commutes in the Bay Area reach up to 3 hours and 32 minutes round trip, while Sacramento’s longest daily trip is less than half that time. Source: Google Maps, 2019. SNAPSHOTS: A DAY IN THE LIFE SINGLE MILLENNIAL Who: Hunter Age: 27 Relationship status: Single Occupation: Software Engineer Place of work: Downtown Place of living: Midtown Housing type: Studio Apartment Housing rent per month: $850 Annual salary: $93,741 Form of transportation: JUMP Bike: 10 minutes After work activity: Visiting the 29 local breweries in town with coworkers YOUNG MARRIED COUPLE 28 Who: Leidhra Patrick Age: 31 31 Relationship status: Married to Patrick for 1 year Married to Leidhra for 1 year Occupation: Plant Scientist Distribution Manager Place of work: Davis Metro Air Park Place of living: West Sacramento West Sacramento Housing type: 2 Bedroom Condo 2 Bedroom Condo Housing value: $279,600 $279,600 Annual salary: $72,223 $61,853 Form of transportation: Drive to work: 25 minutes Drive to work: 20 minutes After work activity: Walking their dog on the West Sacramento Riverfront Going to Kings’ games with friends at the Golden 1 Center ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 29 YOUNG MARRIED COUPLE Who: Alex James Age: 35 31 Relationship status: Married to James for 4 years Married to Alex for 4 years Occupation: Lawyer Software Design Engineer Place of work: Downtown Downtown Place of living: East Sacramento East Sacramento Housing type: 2-Bed Single Family Home 2-Bed Single Family Home Housing value: $590,400 $590,400 Annual salary: $87,063 $95,089 Form of transportation: Biking: 25 minutes Drive to work: 20 minutes After work activity: Going to concerts at Ace of Spades Listening to live jazz at the numerous coffee shops Who: Nick Kaci Age: 38 36 Relationship status: Married to Kaci with three young children Married to Nick with three young children Occupation: Data Analyst Manager Nurse Practitioner Place of work: Rancho Cordova Roseville Place of living: Folsom Folsom Housing type: 3-Bed Single Family Home 3-Bed Single Family Home Housing value: $418,900 $418,900 Annual salary: $122,025 $120,859 Form of transportation: Yellow Line on the SacRT to work: 20 minutes Drive to work: 35 minutes After work activity: Going camping with the family in Lake Tahoe Wine tasting with friends at the 70+ wineries in the region YOUNG FAMILY T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « “A Day in the Life” is a survey put together that reflects different household types across the Sacramento region. The four scenarios describe a typical day of a Sacramentan - an overview of their living situation, their work and their free time. 90 $ WHAT ARE THE OPPORTUNITIES FOR BUSINESSES? TAX RATE COMPARISIONS EFFECTIVE TAX RATE 2017 STATE TO BUSINESS SPENDING RATIO Kansas City, MO 3.40% $0.34 Portland, OR 3.70% $0.36 Salt Lake City, UT 3.70% $0.29 Greater Sacramento, CA 4.10% $0.37 Los Angeles, CA 4.10% $0.37 San Diego, CA 4.10% $0.37 San Francisco, CA 4.10% $0.37 San Jose, CA 4.10% $0.37 Denver, CO 4.20% $0.31 Phoenix, AZ 4.30% $0.34 Seattle, WA 4.80% $0.29 Austin, TX 4.90% $0.22 Dallas, TX 4.90% $0.22 Reno, NV 5.40% $0.33 METRO MILLION IN TAX CREDITS AVAILABLE TO BUSINESSES RESIDING IN OR MOVING TO THE STATE OF CALIFORNIA EXAMPLES OF STATE AND LOCAL INCENTIVES TO COMPANIES CENTENE Fortune 500 health provider Centene was seeking a city with a sustainable supply of skilled labor, moderate operating costs and competitive state and local incentives. After exhaustive research, Centene chose Sacramento. Centene has agreed to meet specific salary requirements to reach a median wage of 125% of the current median wage in Sacramento County. The health provider has agreed to bring 5,000 total jobs to the region and 1,500 net new jobs. With this agreement, Centene can earn up to $9,000 per new net employee. The agreement will allow Centene to receive a maximum of $13.5 million in incentives, $7 million of which will come from the California Competes program and $5.4 million from the city’s innovation and growth fund. Source: EY, 2017. FOR EVERY DOLLAR RECEIVED IN BUSINESS TAXES, THE STATE OF CALIFORNIA PUTS 37 CENTS TOWARD SPENDING THAT CAN BENEFIT ECONOMIC GROWTH. Source: EY, 2018. 30 US FOODS US Foods, a Rosemont, Illinois-based food distributor is set to build a $71.6 million distribution facility in McClellan Park, Sacramento. The incentive package awarded to US Foods includes offsetting $950,000 in electricity and impact fees along with a $7 million California Competes tax credit. US Foods plans to hire between 160 and 180 employees and offer a weighted average salary of $63,000. It is projected to drive more than $59 million in direct and indirect economic impact from the job growth alone. ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 31 As tech firms seek innovative and creative cultures to attract and retain talent, they are expanding into secondary and tertiary markets. Sacramento has a growing tech industry and affordable business costs - a compelling alternative to larger, pricier markets. Source: CBRE, 2018. First-Year Operating Costs The example scenarios below compare operational costs for a Software company and an Advanced Manufacturing company in Greater Sacramento versus other major metros in the United States. 500-JOB SOFTWARE COMPANY $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 DENVER DALLAS SAN DIEGO LOS ANGELES SEATTLE SAN FRANCISCO DENVER GREATER SACRAMENTO SAN DIEGO LOS ANGELES SEATTLE SAN FRANCISCO AUSTIN GREATER SACRAMENTO PORTLAND PHOENIX RENO $30,000,000 500-JOB ADVANCED MANUFACTURING COMPANY $60,000,000 $55,000,000 $50,000,000 $45,000,000 $40,000,000 $35,000,000 Source: MetroComp, 2018. DALLAS PORTLAND AUSTIN RENO PHOENIX $30,000,000 T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « SACRAMENTO: TOP 10 TECH MARKETS TO WATCH AVERAGE ASKING RENTS: SEATTLE, WA $39.92 $9.24 PORTLAND, OR $30.98 $7.44 SALT LAKE CITY, UT SACRAMENTO, CA $23.81 $23.76 LAS VEGAS, NV SAN FRANCISCO, CA $85.64 $5.76 $8.28 $25.92 $32.52 DENVER, CO $8.64 $28.43 $8.06 LOS ANGELES, CA $41.28 $10.68 PHOENIX, AZ SAN DIEGO, CA $36.84 $26.89 $ 7.68 $11.88 LEGEND - Average Asking Rents/SF/Yr: Office - Average Asking Rents/SF/Yr: Industrial Source: CBRE, Q2 2019. 32 ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. AUSTIN, TX $37.79 $10.30 33 T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « OFFICE & INDUSTRIAL Leasing of office and industrial properties across the country vary widely in pricing. Larger markets are exponentially more expensive than smaller hubs that offer cost-effective options. BOSTON, MA $64.51 $9.94 CHICAGO, IL $40.58 NEW YORK, NY $5.09 CLEVELAND, OH KANSAS CITY, MO $4.77 ATLANTA, GA DALLAS, TX $25.26 $27.90 $8.20 HOUSTON, TX $29.47 $4.78 $7.44 $4.96 MOST EXPENSIVE ($86 PSF) RENT SCALE $20.15 $18.88 $83.12 LEAST EXPENSIVE ($4 PSF) $21.64 HOT SUBMARKETS OF GREATER SACRAMENTO DOWNTOWN 1,054,635 TOTAL AVAILABLE ROSEVILLE/ROCKLIN 5.5%* VACANCY RATE $38.88* LEASE RATE/SF/YR Sacramento’s Central Business District (CBD) has been home to lawyers, engineers, tech tenants and government officials for decades. Though known as a government town in the past, Downtown’s recent urban renaissance has reshaped our city’s core into a hotspot for Millennial activity. The submarket is successfully attracting companies due to its affordability compared to CBD’s in other markets, talented workforce and dynamic environment. Given the demand for quality space, availability of premier assets within the submarket is at an all-time low. As Sacramento has captured the attention of other markets, future speculative development is imperative in order to keep up with the ever-growing city. *Class A FOLSOM 518,803 TOTAL AVAILABLE 8.2% VACANCY RATE $24.72 LEASE RATE/SF/YR 944,293 TOTAL AVAILABLE 9.3% VACANCY RATE LEASE RATE/SF/YR Exponential growth in the affluent suburban towns of Roseville and Rocklin has been caused by the submarket’s educated workforce and diverse range of economic opportunities in the private sector. The submarket is home to Greater Sacramento’s highest concentration of STEM degree holders, and the companies with the most signficant footprint include healthcare, tech and a variety of services. More than 75% of the inventory in the submarket is Class A or B, providing high quality product to employers. SOUTH NATOMAS 357,050 TOTAL AVAILABLE 8.0% VACANCY RATE $27.12 LEASE RATE/SF/YR The Folsom suburbs are appealing to individuals due to the many amenities, housing options and proximity to local attractions. Similar to the Roseville/ Rocklin submarket, Folsom houses major healthcare and technology tenants. Folsom’s vacancy rate falls below the market average and businesses continue to consider this submarket which has a large employment pool to maintain and grow their operations. Just a five minute drive from Downtown, South Natomas offers its community an affordable alternative compared to the city’s CBD. The inventory in this submarket is high quality and its location makes it accessible to major highways. As one of the most sought-after areas, South Natomas is the only submarket in the Greater Sacramento region currently building a speculative office building which will provide 90,000 sq. ft. of premier available space to the market in 2019. HIGHWAY 50 CORRIDOR RANCHO CORDOVA 2,034,655 TOTAL AVAILABLE 11.3% VACANCY RATE $20.88 LEASE RATE/SF/YR 1,445,122 TOTAL AVAILABLE 3.5% VACANCY RATE $8.04 LEASE RATE/SF/YR As the largest submarket in the Greater Sacramento region, the Highway 50 Corridor has more than 11 million sq. ft. of net rentable office space. Highway 50 has sustained as a viable option for users seeking high quality space for below market-average costs. This submarket currently offers the most abundant supply of large blocks of Class A space still available for lease in Sacramento. Rancho Cordova has a healthy industrial presence surrounded by a substantial workforce. Recently, the Aerojet campus came to market after news of the rocket manufacturer’s departure. Adding over half a million sq. ft. of available space, the campus will ideally bring in some larger, corporate tenants that previously had virtually no options to choose from due to the lack of availability. POWER INN WEST SACRAMENTO 2,147,371 TOTAL AVAILABLE 3.8% VACANCY RATE $9.48 LEASE RATE/SF/YR The Power Inn industrial submarket, the largest in the Sacramento market in terms of NRA, has performed exceptionally well in recent quarters. Lease rates within the Power Inn submarket surged over the course of 2018 due to the emergence of higher rates for alternative uses. Rental rates should continue to increase since it is challenging to find quality space elsewhere. 1,329,443 TOTAL AVAILABLE 3.2% VACANCY RATE $6.84 LEASE RATE/SF/YR West Sacramento is a premier industrial submarket in which steady demand has forced the vacancy rate to decline to 3.2%. The lack of available space has caused a great deal of construction. In fact, a vast majority of the market’s current construction projects are located in West Sacramento. Source: CBRE, Q2 2019. 34 $24.12 ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. OFFICE INDUSTRIAL 35 OPPORTUNITY ZONES Opportunity Zones (OZ) were created as part of the Tax Cuts & Jobs Act enacted in December 2017 to incentivize long-term investment in low-income and economically distressed communities. This program aims to spur economic development and create jobs in these areas. Capital invested into Qualified Opportunity Funds in these zones are allowable for deferral or elimination of federal taxes on capital gains. Opportunity Funding can be applied to real property or to business operations, therefore allowing both investors and individual businesses to benefit from Opportunity Zones. STATE CAPITOL WEST SACRAMENT0 In the Greater Sacramento region alone, there are 63 census tracts that have been designated as Opportunity Zones. SUTTER COUNTY YOLO COUNTY YUBA COUNTY PLACER COUNTY SACRAMENTO COUNTY EL DORADO COUNTY For more information about Opportunity Zones, please refer to the contacts on the back cover of the report. Source: Internal Revenue Service, 2019. T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « CENTRAL BUSINESS DISTRICT WHAT ARE COMPANIES HERE SAYING? TESTIMONIALS Company Inductive Automation Company SkySlope Company American International Manufacturing Industry Technology/Industrial Automation Industry Technology/Real Estate Tech Industry Adv. Manufacturing/Precision Machining “Inductive Automation has really put down permanent roots in Folsom. We’re growing very rapidly, and the Greater Sacramento area provides us with a good business environment and a great place for our people to live, work and raise families. We have everything we need in infrastructure and talent to reach globally across every industry with our ignition industrial application platform.” “As a growing SAAS company, we are always looking for top-notch employees and Sacramento has always come through. From engineers to sales and everything in between, this region is home to an incredible pool of talent.” “Woodland really is an epicenter for food production and food processing … We’re close to the Bay Area for steel and Sacramento for parts. If we were somewhere in the middle of Nevada, you can’t do that.” Tyler Smith, CEO Seth Bridges, Partner Don Pearson, Chief Strategy Officer Company VoxPro Company Rhombus Systems Company Titans of CNC Industry Technology Industry Technology/Cloud Computing Industry Manufacturing/Education “A key draw for us was the proximity to the Bay Area, being able to drive a bus load of engineers up from Palo Alto for the day to introduce them to our technical support team in person and show them how we operate was a real point of difference for many clients and the reason they choose us.” Phil McNamara, U.S. Head of Business Development “Having created a couple of successful tech businesses in Silicon Valley, we’re keenly aware of the ultra-competitive, cost prohibitive landscape. Hiring, let alone retaining a talented workforce becomes the hardest part of running a company. Sacramento has been a refreshing departure from that chaos, and we’ve found the community to be incredibly supportive and full of tech talent.” “Running a business in the Greater Sacramento area has created more opportunities for my business to thrive. My vendor relationships are stronger and my employees are happy to have all that the surrounding area has to offer. Personally, I love being right between the mountains and snow and oceans and beaches. You can’t beat it.” Titan Gilroy, CEO Garrett Larsson, CEO 36 Company ARIZ Precision Medicine Company StemExpress Company Fantag Industry Medical Research Industry Life Sciences/Biotech Industry Technology “We’re very committed to being in the region. This is a great place and time to develop a biotechnology company.” “Innovation is a key component of progress and this region has great opportunities for rapid growth companies like StemExpress.” Lonnie Bookbinder, CEO Cate Dyer, CEO “Sacramento has a thriving startup ecosystem … Costs for startups are substantially less than in the Bay Area, so our investment dollars have a longer runway.” Cheryl Beninga, COO ©2019 CBRE , INC. & GRE AT ER S ACR A MEN TO ECONOMIC COUNCIL . A L L RIGH T S RESERVED. 37 Evolve Biosystems Industry Life Sciences/Biotech “My focus as CEO has been bringing in as much talent and experience as we can into this area to make this company successful, because our mission is so fundamentally important. We’re talking about improving the lives of babies worldwide. One of the reasons that we are staying here in the Sacramento area is it’s close to the University of California at Davis. There is an eco-system of development, technology, industry, and many of the major companies actually come to the university to tap into that innovation.” Tim Brown, CEO Company Emtrain Industry Technology/Culture Tech “Our work is all about creating quality content - specifically video and animations. Sacramento is historically an artist’s city and we have seen that come through in the amount of top video and animation talent here in the region. For our talent strategy we have consciously taken a dual location approach with offices in Sacramento and San Francisco - we feel this allows us to provide a range of lifestyle opportunities to our employees, increasing our ability to both attract and retain the best people.” Janine Yancey, CEO Proximity to major markets and a strong educational pipeline in place will continue to expand the talent pool in Greater Sacramento. With a lower cost of living and high quality of life spurring an influx of young workers, Sacramento is poised to become the primary location for businesses of any capacity. T HE GRE AT ER S ACR A MEN TO TAL EN T S TORY « Company While rising costs continue to be a motivating factor in business expansion and relocation plans, the availability of a strong pool of talent remains a high priority. ?-314, an? 'l 1,1: un 1-. II I. 3' 55-55553?! unsung .D .u . Jh?ullug}. - Ii - I I REPORT CREDITS AUTHORS Nellie Cruz Research Analyst CBRE Lucy Lu Senior Analyst GSEC Adam Vaira Business Development & Research Coordinator GSEC DESIGN Alan Quicho Marketing Specialist CBRE EXECUTIVE CONTACTS David Brennan Senior Managing Director CBRE +1 916.446.8709 david.brennan@cbre.com Barry Broome President & CEO GSEC +1 916.287.9082 bbroome@selectsacramento.com Kim Follett Sales Director CBRE +1 916.446.8254 kim.follett@cbre.com Danielle Casey Executive Vice President GSEC +1 916.287.9086 dcasey@selectsacramento.com Nellie Cruz Research Analyst CBRE +1 916.492.6915 nellie.cruz@cbre.com Nick Baldi VP of Business Development GSEC +1 916.287.9080 nbaldi@selectsacramento.com Scott Powell Senior Vice President of Business Development & Market Analytics +1 916.287.9087 spowell@selectsacramento.com BROKERAGE CONTACTS Lisa Stanley First Vice President CBRE +1 916.446.8291 lisa.stanley@cbre.com Jason Goff Executive Vice President CBRE +1 916.446.8222 jason.goff@cbre.com Tony Whittaker Senior Vice President CBRE +1 916.492.6914 tony.whittaker@cbre.com © Copyright 2019 All rights reserved. Information contained herein, including projections, has been obtained from sources believed to be reliable, but has not been verified for accuracy or completeness. CBRE, Inc. makes no guarantee, warranty or representation about it. Any reliance on such information is solely at your own risk. This information is exclusively for use by CBRE clients and professionals and may not be reproduced without the prior written permission of CBRE’s Global Chief Economist.