Tech Insights: Half of New Office Jobs Since 2020 Created by Tech Industry
April 21, 2022 2 Minute Read
The tech industry has added more office-using jobs than any other industry sector since the start of the COVID pandemic. From February 2020 to February 2022, the U.S. added 372,000 tech jobs—an amount that would generate about 75 million sq. ft. of office space demand using the pre-pandemic standard of 200 sq. ft. per employee. The tech industry signed 48 million sq. ft. of new office leases in 2020 and 2021, down from 73 million sq. ft. in 2018 and 2019 when 337,000 tech jobs were added.
The tech industry has accounted for 51% of the 727,000 office-using jobs1 created since February 2020. The much larger employment sectors of Professional & Business Services and Finance, Insurance & Real Estate (FIRE) grew more slowly than Tech’s 9.8% rate and produced fewer jobs. Only the scientific Research & Development sector grew faster than Tech; it added 100,000 jobs since February 2020 for a 14.3% growth rate, albeit from a considerably smaller base.
Reoccupying already leased office space and providing more space for newly hired employees will help restore the vitality of many office districts across the U.S. The tech industry will play a large role in the pace of revival as a return-to-office trendsetter and leading source of office space demand.
Figure 1: U.S. Job Growth for Select Office Space-Using Industries
Source: Bureau of Labor Statistics (seasonally adjusted data) and CBRE Tech Insights Center, April 2022.
*Excludes tech and R&D sectors falling within category
**Excludes tech sectors falling within category
Office-using jobs includes Professional and business services; finance, insurance and real estate; information; and technology software and services.
1 Includes Professional and business services; finance, insurance and real estate (FIRE); information; and technology software and services.
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