Office Employment Hits New High: C&W

NEW YORK CITY—September’s strong jobs report carried especially positive implications for the office sector, says Cushman & Wakefield in its Weekly Economic Update. The month saw 105,000 positions added across the three main office-using sectors—financial services, professional and business services and information–representing only the fifth time in the past decade that office-using employment has increased by more than 100,000 in a single month.

“Employment in both financial services and information increased by 12,000 jobs each,” according to Ken McCarthy, senior managing director, economic analysis and forwcasting at C&W. He singles out the growth in information employment: “In the 10 months from July 2013 to May 2014, information employment fell by 43,000 jobs. But in the past four months, almost all those jobs have been recovered. As a result of this growth, office-using employment is now above 30 million in the US for the first time in history.”