There’s been quite a buzz about a national unemployment rate of 4.0 percent, however less than one quarter of jobs across the USA are considered office-using – implying this historically tight labor market is impacting office fundamentals in some metros more than others.
Such is the case for New York, where office-using employment comprises 42.5 percent of all jobs in Manhattan, second only to Washington DC when comparing major US cities. But Manhattan holds almost three times more office-using jobs than Washington DC, despite being one third of the psychical size.
An outsized 49 percent of Manhattan jobs added over the past 12 months have been office-using. This share is expected to remain high as workplace fundamentals continue to shift in certain sectors.