April 17, 2017
Wall Street firms don’t dominate the market for office space in New York like they used to.
About a third — 33.7% — of the office workers in New York City are employed in the financial services sector. That’s close to an historic low, and has been gradually trending downwards since 1990, when almost 45% of NYC office employees worked in finance, according to JLL.
The financial services business has historically driven demand of office space here. But the sector has still not recovered all the jobs lost in the 2008 recession. In 2016, the sector lost another 2,900 jobs, and so far this year, growth has been flat.
Fortunately, other industries have taken up the slack — like technology and business services. That’s why the average vacancy rate for office space remains lower in New York City than anywhere else in the country.
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