Employment trends have an impact on office demand. Analyzing office-using employment can reveal potential leasing trends & acquisition and disposition opportunities.
Two major office-using sectors gained jobs over the year in January 2021. The Professional & Business Services sector saw an increase of +2,300 jobs, and the Financial Activities sector saw an increase of +1,700 jobs YOY.
The Information sector has remained resilient and relatively stable. While there is a -4.4% decrease in the number of jobs YOY, there was a +1.3% increase month-over-month from DEC 2020.
INFORMATION SECTOR | 6 Months: AUG 2020 – JAN 2021
The Information sector has remained relatively stable since April, experiencing slight dips in the months of AUG, NOV & DEC of 2020.
- In JAN 2021 there was a -4.4% decrease in the number of jobs year-over-year.
- Month-over-month there was a +1.3% in JAN 2021 from DEC 2020.
FINANCIAL ACTIVITIES | 6 Months: AUG 2020 – JAN 2021
The Financial Activities sector, one of Tampa’s biggest industries, has also remained strong.
- The sector saw a +1.4% increase YOY in JAN 2021.
- There was a slight -0.4% decrease month-over-month.
PROFESSIONAL & BUSINESS SERVICES | 6 Months: AUG 2020 – JAN 2021
The Professional & Business Services sector took the hardest hit of the office-using sectors during the pandemic.
- However, the most recent numbers in JAN 2021, show a +0.9% increase in the number of jobs YOY.
- While the sector recorded a -0.6% decrease over DEC, prior to JAN 2021 the sector has seen consecutive MOM growth since OCT 2020.
To see the full scope of office-using employment growth in the Tampa-St. Petersburg-Clearwater MSA, download the full Office-Using Employment Report or feel free to connect with me directly for up-to-date local market information and expertise.