The New York metropolitan area’s office-using job growth slowed dramatically over the past 12 months, adding to concerns over a potential supply glut in the office market.
A new report by brokerage Savills Studley found that while job growth overall was strong, most new jobs were added in sectors that don’t primarily use offices, such as healthcare, retail or education. The growth in office-using jobs, meanwhile, was the slowest since 2010, when New York’s economy was still reeling from the 2008 financial crash (see chart). Between July 2015 and July 2016, only 19,000 (1.4 percent growth) such jobs were added, compared to 49,000 and 46,000 in the two prior years (when growth averaged more than 3 percent).