Job growth and office leasing trends reveal distinct market nuances across the U.S.
Jobs don’t always equal office demand—hiring activity, return-to-office policies, and in-person work vary significantly across major U.S. markets. This matrix highlights those nuances:
Green markets are experiencing both strong job growth and robust office leasing activity. Cities like Manhattan, Las Vegas, Raleigh, Miami, and Tampa demonstrate a clear correlation between increased employment and a rise in office utilization.
Blue markets are exhibiting modest job growth but are seeing an improvement in leasing, often driven by return-to-office policies and shifting workplace cultures. Chicago, San Francisco, and Minneapolis fall into this category, and are markets to keep an eye on.
Purple markets are seeing high employment growth without matching leasing recovery. Austin stands out as a prime example, where robust hiring has yet to translate into proportional demand for office space.
Orange markets are demonstrating the smallest job growth among major markets, with office demand remaining muted. This disconnect may reflect structural challenges or entrenched remote work trends that continue to suppress leasing activity.
