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The Office Sector Got Off to a Good Start in the First Quarter. But New Deliveries Are a Worry.

May 09, 2019

A national employment report from brokerage firm Marcus & Millichap notes that 50 percent of new jobs created since 2016 are in secondary and tertiary markets with good colleges and universities. Commenting on this trend, John Chang, senior vice president of research services at Marcus & Millichap, says that companies used to bring talent to their headquarters, but are now opening satellite offices in places that already have a quality talent pool, like Orlando, Fla., Phoenix, Salt Lake City, Nashville, Charlotte and Las Vegas.

“Other advantages of these smaller markets include lower operating and cost-of-living expenses compared to primary markets, which often helps to offset part of the cost of relocation or expansion. For example, unlike competitive talent markets in the Bay Area and Los Angeles, Las Vegas, which is experiencing high population and employment growth, is a place that offers a low cost of doing business and living, along with access to a new talent pool. “Elements like this could transform the landscape and provide a trail ending in secondary cities,” Chang says.”

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