Office Market in Recovery
July 17th, 2013 by Tatyana Levin
In the 2008 financial crisis, one of the sectors hit but often overlooked is the office leasing market. Almost all businesses need space to operate, for which they rent offices.
The more businesses there are, the more jobs there are, the more need there is for office space. Naturally the opposite is true as well, so when the recession hit, the office market was affected negatively.
However now that the job market is slowly but steadily recovering, the office market is doing the same and recovering slowly.
According to the Wall Street Journal, this last quarter’s growth has been the best leap since before the recession in 2007 which is a promising bump to the industry. Although the job market is improving and every month it is reported that thousands of new jobs are being created, and slowly but surely stimulating the market, the growth in demand for office space is evidence that the jobs that are being created every month are positively affecting other sectors.
If you are looking for office space, this may mean a little more competition (so small that it’s probably not even noticeable), but the more need there is for office space, the more development there will be.
More development coupled with more interest is beneficial to everyone involved in the industry.