I don't work in a tech hub but in a city with a world-leading university. Having worked for a local consultancy and a startup, I'd say over half of my colleagues have had technical PhDs and it's rare to meet people without at least a Masters. I now work for a remote company and it's probably closer to 65% with over 200 staff, but we are CS research oriented.

I'm currently studying a part-time MSc in CS because not having one is notable here (and being around academic people has inspired me to learn more).