Latest Employment Data Good For Office Space Market

The NAR just released 10 Things to Know about the Latest Employment Data which included some good news for the office space market. “From the worst of the recent recession a few years ago, nearly 8 million jobs have been added. Recall, however, during the recession that 8 million jobs were shed. Not yet a new employment peak, but getting very close to it.”

Here is what it looks like.

Employment Graph

The office space market is directly linked to employment. Many of the recent reports have identified a general stabilization of the US office market with vacancy rates moving downward  and rental rate moving up. As long as employment continues in an upward trend, so should the tightening trend in office space.

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By: James Osgood