This article from the Wall Street Journal reports on the shift of bright graduates leaving for or opting out Wall Street finance and hedge funds jobs for jobs at technology start ups.
This shift also explains the shifting fortunes in the real estate industry. Certain cities which are attracting technology companies are doing well while others are doing poorly. In San Francisco, rents in the City’s financial center, the North Financial District, are starting to lag those in the City’s tech center, the South of Market District (SOMA). The article reports that New York has successful offset job losses in finance with job gains in technology. Office brokers continue to report demand from technology start ups and continued downsizing from banks, major corporate users, and service firms.
The shift is translating into where the movers and shakers want to live.
Perhaps, this shift from financial engineering to social and enterprise engineering will result in increased productivity and in the end a bigger pie for everyone.