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Office sectors continue to exhibit strong job growth

• Recently released figures from the Washington Employment Security Department showed that the Seattle metro ended Q1 2018 with an unemployment rate of 3.9 percent and an annualized job-growth rate of 3.2 percent. This is 1.5 percentage points above the national job growth rate of 1.7 percent.

• It is no surprise that Seattle metro saw such strong job growth. The potential labor force and total employment figures are both at record high levels, which has kept unemployment low. Total employment in the region hit an all time high as of February 2018 and is currently at 1,616,279. Of the 52,700 jobs that have been added to the Seattle metro since last year, office using sectors accounted for more than 34 percent of total jobs added.

• Seattle continues to be a critical location for growing tech companies both locally and from the Bay Area. We expect tech industry employment will continue to drive office demand in the region. The Tech, Co-working, and Life Science sectors of the office market are very active and continue to look for large block of space, especially in the Downtown Seattle. These three sectors account for approximately 70% of total tracked requirements.

Source: JLL Research, WA Employment Security Department

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