Gen Z fled San Francisco for Texas and Florida. Now they're turning 'welcomer cities' into the next big tech towns

A JLL-backed report and corporate moves show Gen Z and younger workers shifting from expensive coastal hubs to more affordable “welcomer” cities such as Nashville and Orlando. The migration—reinforced by big corporate relocations (Oracle’s $1.2bn Nashville commitment and Starbucks’ planned hub)—is driving stronger office demand and tighter modern inventory in these midsize markets. JLL data show welcomer cities’ net migration at 5.2% over three years versus 0.6% for anchor cities, with Nashville absorbing 35% of new supply in 2025 and Orlando posting a 15.3% vacancy vs. a 22.4% national average. For markets and benchmarks like the US Tech 100, the trend suggests geographic dispersion of tech employment and potential reallocation of real estate and talent-dependent capex, creating mixed implications for traditional Bay Area-centric tech exposure and opportunities in firms tied to emerging regional hubs.