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Good news for commercial real estate: Cushman & Wakefield’s latest Employment Tracker Report shows US businesses continued to hire at a solid, stronger than expected, pace in February, adding a total of 242,000 jobs.
“No single factor is more important for commercial real estate than job creation,” says Kevin Thorpe, Cushman & Wakefield’s chief economist and global head of research. “This bevy of metrics suggests that future labor demand, and therefore future demand for space, will remain healthy.”
The strong February job creation reverses January’s disappointing estimate for only 172,000 new jobs, and shows a record level (5.6 million as of December) of job openings and a 2.1% quit rate (the highest this cycle).
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While growth is strong in the job market at large, some sectors still see a slight struggle—the mining, manufacturing, transportation and warehousing sectors lost a combined 39,300 jobs.
