Employment trends have a direct impact on office demand.
As foreseen, national employment in office-using sectors has seen job losses. However, at a 5.6% decline YOY in July 2020, it demonstrates better performance than the overall economy which experienced a decrease of 7.5% YOY.
Financial activities, one of Tampa’s biggest sectors, has shown more resilience with fewer losses than the information & professional, and business service sectors, reflecting only -1.4% nationally.
Financial activities include employment in finance, insurance, and real estate.
To see the full scope of office-using employment growth in all the major US markets, including the 3 markets that experienced positive YOY growth, download the full Office-Using Employment Report or feel free to connect with me directly for up to date local market information and expertise.