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Office Jobs Are Recovering Faster Than Usual For a Recession

The recovery of office-using jobs in the third quarter suggests a bright future for physical offices.

Don’t count office out yet. While the office sector has clearly struggled through the pandemic, office-using employment recovery indicates future demand for physical workspaces.

In the third quarter, office-using employment rebounded quickly. According to data from Newmark, more than 30% of private sector office-using jobs lost in second quarter were recovered by the end of the third quarter. The 15 largest office markets in the country—many of which have been the hardest hit by the pandemic-driven downturn—have seen the strongest recovery in office-using jobs. Typically, the recapture of lost jobs is much slower during a recession, making the speed of this recovery all the more reassuring for both office and multifamily landlords.

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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