January 25, 2020 Comments Off on CBRE Report: Seattle Records All-Time High Office-Using Services Job Growth Views: 1623 Seattle & Pacific Northwest News, Seattle News, Top Seattle

Fueled by the tech industry, the Seattle metro added 20,800 office-using services jobs in 2019 – an all-time high for the market and the second highest growth rate in the nation, following only San Francisco, according to a new report from CBRE. Across the board 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 services jobs the fastest in the coming years.

CBRE’s Lexi Russell says, “Technology has been the catalyst for office-using job growth and overall real estate demand in Seattle. The rapid growth has fueled office rent growth as well as new office development.”

Office-using services employment has been expanding steadily in Seattle since 2009, growing 35% in the last decade, which is more than double the national average. Current projections for 2020 indicate continued employment growth, albeit not at the historic pace of years prior. According to CBRE Econometric Advisors, the Seattle metro is projected to grow 1.2% in 2020, placing it ninth among top U.S. metros.

“The Seattle metro is scheduled to add over three million square feet of new office space this year, with two-thirds already pre-leased. Although net growth from these new buildings is unknown, these buildings could house an estimated 15,000 new workers over the course of the next few years,” added Russell.

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Tags: Development, Lease, Office, Research

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CBRE Report: Seattle Records All-Time High Office-Using Services Job Growth

Dennis Kaiser