San Mateo County’s market fundamentals continued to strengthen into the second half of the year. High tech employment gains propelled expansion space requirements, especially in the life science and bio tech sectors. High tech employment grew by 4.9% during the last year, adding a total of 3,300 jobs, according to Moody’s Analytics.
This rate of growth compares favorably with the state’s 2.8% growth and 1.9% increase in the number of jobs added nationally. Meanwhile, the local manufacturing sector shed jobs over the last year, recording a 1.6% decline or 415 jobs lost. Although the manufacturing employment base contracted, it did not result in a significant amount of space being returned to the market.
Source : Cushman & Wakefield