Employment trends have an impact on office demand. Analyzing office-using employment can reveal potential leasing trends & acquisition and disposition opportunities.
There was consistent month-over-month growth in the Financial Activities and Professional & Bussiness Service sectors in the Tampa-St. Petersburg-Clearwater MSA from SEP-DEC. The Information sector remained unchanged from NOV-DEC, Considering the activity on the ground, I expect growth to continue in these sectors.
INFORMATION SECTOR | JAN-DEC 2020
The Information sector has remained relatively stable since April only experiencing a slight dip in the summer months of July and August.
- Year-over-year, employment in the sector declined by -6.6% from DEC 2019
- There was no significant change month-over-month from NOV 2020 to DEC 2020
FINANCIAL ACTIVITIES | JAN-DEC 2020
The Financial Activities sector, one of Tampa’s biggest industries, has remained strong.
- In December, the sector saw a 0.0% year-over-year difference, exhibiting resilience through the global pandemic
- Month-over-month, the Financial Activities sector saw a +0.4% increase from NOV 2020
- The sector has experienced continuous growth recorded every month since April 2020
PROFESSIONAL & BUSINESS SERVICES | JAN-DEC 2020
The Professional & Business Services sector suffered the same pandemic-related impacts as all sectors saw, but has been continuing to increase and rebound quickly.
- The sector recorded a -2.6% year-over-year decrease in DEC 2020
- There was a +0.6% increase month-over-month from NOV 2020
- The sector has seen continued monthly growth from the lowest recorded number of jobs in April 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.