Office-Using Employment Trends | June–July 2020
Historical employment commentary: June–July 2020 data. This article summarizes national office-using employment figures and comparisons among selected U.S. markets. The original post was labeled September 2020, but its underlying material discusses June and July data. These figures do not represent current employment conditions.
Office-Using Employment During the Pandemic
The original report described a 5.6% year-over-year decline in national office-using employment in July 2020, compared with a 7.5% decline across the overall economy.
Office-using employment therefore experienced a smaller decline by approximately 1.9 percentage points, or 190 basis points.
Financial activities showed greater resilience in the original national comparison, with a reported employment decline of 1.4%. This sector includes finance, insurance, and real estate.
National Employment Comparison
| Measure | Reported Year-over-Year Change | Context |
|---|---|---|
| Office-Using Employment | −5.6% | Described in the narrative as July 2020. |
| Overall Employment | −7.5% | Comparison used alongside the July national office-using figure. |
| Financial Activities Employment | −1.4% | National figure cited in the original commentary. |
Three Markets Reported Positive June Growth
The report’s separate June 2020 comparison identified three markets with positive year-over-year office-using employment growth, supported in part by financial services employment.
| Market | Reported Year-over-Year Growth |
|---|---|
| Chattanooga | +1.8% |
| Austin | +1.4% |
| Boise | +0.8% |
Tampa’s Position in the Historical Comparison
The original graphic described Tampa’s office-using employment decline as approximately 5.6%, placing it near the middle of the selected major U.S. markets shown.
That market-comparison chart was labeled June 2020, while the accompanying national narrative referred to July. Those observations should be treated as separate reporting periods rather than a single same-month comparison.
The commentary also identified financial activities as an important Tampa industry. However, the cited 1.4% financial-sector decline was a national figure and should not be interpreted as Tampa’s local rate.
What Counts as Office-Using Employment?
The original comparison grouped three sectors:
- Financial activities: including finance, insurance, and real estate.
- Information: the information-sector employment category shown in the source comparison.
- Professional and business services: the corresponding employment category shown in the source comparison.
These categories provide a way to track industries associated with office demand. They do not establish how much physical office space each employer occupies.
What Employment Trends Mean for Office Owners
Industry employment trends can help owners assess potential leasing demand and acquisition or disposition opportunities. During the period discussed here, office-using employment declined less than overall employment nationally, while results varied substantially among markets.
Job growth does not translate directly into additional leased space. Workplace arrangements, space per employee, lease timing, and the location of hiring also affect demand.
For a Tampa Bay property, local tenant activity, competing space, vacancy, and lease economics should be considered alongside broader employment trends.
Sources: John Milsaps’s original Office-Using Employment snapshot, which credits the U.S. Bureau of Labor Statistics and Moody’s Analytics for the market comparison and CommercialEdge’s August 2020 National Office Report for the growth snapshot. The supplied graphic combines a June-labeled market comparison with narrative referring to July. Figures are retained as historical reporting, with those periods distinguished.
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Own an office or medical office property in Hillsborough, Pinellas, or Pasco County? Contact John Milsaps to discuss your leasing, sale, or ownership plans.