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Employment Research Brief | February 2022

February 10, 2022 by Marcus & Millichap Research Services

January Job Creation Highlights Recovery in Key Commercial Property Types

  • Employers tackling labor shortage in new year. The job market continued to recover in the opening month of 2022 as 467,000 jobs were created. While unemployment also rose, the labor force participation rate improved by 30 basis points to 62.2 percent, a post-recession high, as wage increases lured job seekers.
  • Recent hiring bolsters long-term outlook for office properties. January’s employment gains included 86,000 new professional and business services-related positions, surpassing the February 2020 total by 511,000 personnel. This expansion bodes well for office buildings long term, even though it is unclear how many employees are currently commuting to workplaces.
  • Retailers and hotels gain ground as new year begins. Lodging establishments, bars, restaurants and other stores continued to grow staff last month, adding a combined 212,000 jobs across the leisure, hospitality and retail trade sectors. The hiring underscores the ongoing demand for these services that is also reflected in improving property performance.

Noteworthy Trends:

  • Continued employment growth validates Fed actions. While the unemployment rate ticked up a mild 10 basis points to 4 percent in January, last month’s overall positive employment report only adds further weight behind the Federal Reserve’s tightening monetary policy.
  • Omicron’s impact goes beyond job gains. The creation of nearly 1 million new jobs over the past two months indicates that employers were broadly able to navigate the challenges posed by omicron and grow staffs in the winter months.

Sources: Marcus & Millichap Research Services; Bureau of Labor Statistics;
CoStar Group, Inc.; Federal Reserve Bank of St. Louis; STR, Inc.

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Filed Under: Research Brief, Employment

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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2020 Marcus & Millichap and Limon Net Lease Group

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