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Manhattan : Office Snapshot - Q3 2013

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Manhattan : Office Snapshot - Q3 2013

The New York City economy remained healthy in the third quarter, adding roughly 5,000 jobs in July and August in addition to the 28,000 jobs added in the second quarter. However, many of these jobs are not in office-using industries. In fact, employment in the three main office-using sectors; financial services, information and professional & business services, fell in both July and August, dropping 3,700 jobs, after adding 2,600 jobs in the second quarter. The main reason for the weakness is the financial services sector, which lost 5,200 jobs in July and August and has lost 4,500 jobs since the end of 2012. Despite this loss, the technology sector, an important office-using industry in the City, continues to add jobs. Although there are no employment numbers specific technology and creative media, according to one estimate, the tech/information/media sector has accounted for one-third of all the jobs created in New York City from 2007 through 2012. That sector continues to expand at a healthy pace, keeping total office-using employment growing, albeit modestly.

Source : Cushman & Wakefield

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