CBRE Report: Growth in Office-Using Service Jobs Favors Tech Hubs, Texas and Southeast Cities

09 Jan 2020

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CBRE Sees Office Occupancy and Rents Continuing to Rise as Consumer Activity Fuels Economy, Job Growth


Tech hubs, business-friendly Texas cities and high-growth southeastern metro areas top the ranks of U.S. markets set to expand their base of office-using jobs the fastest in the coming years, according to a new report from CBRE.

CBRE analyzed the forecasts of its CBRE Econometric Advisors unit to identify which markets are expected to generate the largest percentage growth in office-using services jobs – such as tech, professional and business services, legal, and others –this year. It found that job growth in tech markets continues to defy high costs and tight labor supplies. Meanwhile, the relatively lower cost of living and high demographic of Texas and various southeastern cities continue to stoke job gains.

“U.S. consumer confidence and spending remain healthy – supported by a strong stock market and high home values -- which underpins most U.S. economic expansion and job growth,” said Ian Anderson, CBRE Americas Head of Office Research. “Due at least partly to that, we should see another year of strong office demand and growing rents in many U.S. markets.”

Top U.S. Markets For Office-Using Services Job Growth in 2019 and 2020

2019

 

2020

 

Market

Percentage Growth

Market

Percentage Growth

San Francisco

5.2%

Austin

2.6%

Seattle

4.2%

San Francisco

2.5%

Dallas

5.7%

Dallas

2.1%

Houston

3.7%

Houston

1.9%

Charlotte

3.6%

Orlando

1.7%

 

To read the full report, click here.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.