33% of Philadelphia job openings are located in the city, foretelling continuing office market momentum
Between October 2018 and January 2019, the Philadelphia region posted more than 354,000 unique job openings.
March 05, 2019
- Between October 2018 and January 2019, the Philadelphia region posted more than 354,000 unique job openings according to labor analytics firm EMSI. Philadelphia County led the region in unique job postings with 33 percent of all openings, or over 115,000 unique jobs. Montgomery County, where the majority of suburban jobs have been, only had 65,000 postings, approximately 18 percent of the overall regional posting total.
- While the City of Philadelphia contains just 25 percent of the region’s jobs today, nearly a third of all open jobs are in the city. Tight labor market conditions are the main contributor, and we do not expect this hiring spree in the city to abate any time soon. As long as economic growth remains strong, employers will continue to compete for talent, particularly in the highly skilled segment of the market.
- The office market has responded as evidenced by rental rate increases over the past five years, particularly in the Class B and new construction segments, as previously reported. As the city continues to punch above its weight in terms of hiring, we expect ongoing occupancy expansion despite rightsizing of in-place tenants in the city.
Source: JLL Research, EMSI