Tech Industry Reshapes Cities Around the Globe

Some of the world’s largest tech companies—including Meta and Apple—are expanding into Austin, lifting up its real estate as a result.

“There’s not enough houses to meet the demand. As a result, the prices are going up.”

RICK ELLIS

Chief Operating Officer and General Manager Berkshire Hathaway HomeServices Texas Realty

two decades ago, texas’ sprawling capital, austin,

was best known for its live music scene and its “Keep Austin Weird” motto.

Since the pandemic, though, it has become one of the hottest relocation cities for tech workers. Google, Facebook and Oracle have hired thousands. Tesla CEO Elon Musk— who recently moved the company’s headquarters to the city—predicts Austin will be the “biggest boom town that America has seen in 50 years.”

Cities around the globe, including Austin, are experiencing massive changes as the tech industry moves in. In markets like Austin, Dubai and London, tech has pushed demand for luxury housing upward and, in some cases, spurred the creation of entirely new urban neighborhoods.

Along the banks of the Colorado River, Tesla is building a 4.3 million-square-foot gigafactory, where it is expected to employ 5,000 full-time workers by 2024. Apple is also building a new $1 billion, 3 million-square-foot campus