Office

With 18,600 office jobs added from March 2018 to February 2019, the local market continues its steady recovery, underpinned by strong market fundamentals, diversification and consistent demand for space.

Businesses operating in the medical, financial and professional services sectors boosted demand for modern office space, while total investment sales reached $1.4 billion.

Investors focused on trophy assets and build-to-suit projects in both urban and suburban submarkets, bringing total transaction volume to $1.2 billion.

With healthy office fundamentals and a friendly business environment, major companies—including Google, Facebook and WeWork—are in constant search of new and high-end space in the metro’s core submarkets.

The metro’s technology sector is growing, with a focus on cybersecurity. Tech hubs such as Emerging Technology Centers and Betamore have been successful in retaining the city’s highly educated workforce.

Companies are taking advantage of the met­ro’s skilled and educated talent pool, while public grants are paving the way for further growth in the startup and small-business sectors.

The metro added just shy of 100,000 new jobs in the 12 months ending in November, and the state’s unemployment rate dropped to a historic low of 4.0 percent.

The largest number of job gains was recorded in the professional and business services sector, with more than 3,600 new positions added in the 12 months ending in December.

The metro added 77,000 jobs in 2018, a 3.7 percent increase year-over-year, well above the 1.9 percent national growth rate. The most significant gains were in professional and business services, which added 16,900 jobs.

Healthy office demand, continued positive absorption and a limited supply of new development have shaped a favorable environment for landlords, who are well positioned to hike asking rates.

The metro’s economy continues to expand steadily as a center of the technology and financial industries, and it remains a destination for a young, educated workforce.

The metro has started diversifying its economy beyond the automotive sector, attracting engineering and tech businesses such as LinkedIn, which plans to expand in the renovated Sanders Building.