June's job numbers have the commercial real estate community buzzing about the impact on office leasing, with experts predicting that growth in the technology, design and advertising industries will continue to bolster deals, particularly in New York.
The private sector created 262,000 new jobs in June, and about 272,000 positions have been added each month in the second quarter of 2014, exceeding the average monthly gain of 190,000 new positions for the first quarter of this year, according to new data released this week by commercial brokerage Marcus & Millichap.
More than 90,000 of the jobs added in June were considered “office-using employment,” and many of them are in the technology and related sectors. In fact, of the 2.885 million jobs gained since 2009, 2.8 million have been in the so-called professional services realm, according to data from Savills Studley Inc., a commercial real estate services firm that specializes in tenant representation.Tech, Advertising Job Growth Boosts NY CRE Leasing
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