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Manhattan : Office Snapshot - Q2 2013

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Manhattan : Office Snapshot - Q2 2013

The New York City economy continued to outperform the rest of the nation in the second quarter, led by healthy growth in tourism and continuing strength in technology, but slowdowns in other sectors have kept growth in New York only marginally stronger than the rest of the nation.

In particular, the financial services sector, a critical driver of the local economy and especially the local office market, has been weak. Since mid-2011, the City has lost approximately 3,500 financial services jobs. Because of the softness in the financial services arena, employment in the office-using industries as a group (financial, professional & business services and information) has grown only modestly through the first five months of 2013 (+7,800 jobs). Thus, New York continues to expand, but at a slower pace than earlier inthe recovery.

Source : Cushman & Wakefield

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