A Manpower survey indicates that the Boston Metro will see muted job growth during the third quarter of 2020. The survey includes over 34,000 public and private employers across 43 countries and territories, with results broken down by region. Here’s the Boston Metro employment outlook for the third quarter, and what it could mean for Boston Metro commercial real estate.
First, the good news: Boston Metro employment is expected to increase during the 3rd quarter, though at a much lesser scale than the same time a year ago. About 20% of surveyed employers expect to increase staff. The majority of respondents do not intend to make changes to staffing, or are unclear about their near-term staffing needs. About 11% expect to make job cuts.
While the result will be a net positive in jobs, certain business sectors will be driving the gains. Employment outlooks are optimistic in the near term for:
- Durable goods manufacturing
- Wholesale & retail trade
- Information technology
- Health Services
Employment prospects are looking neutral or negative for transportation, utilities, professional services, non-durable goods manufacturing, hospitality, and government sectors.
For the balance of 2020, Boston commercial real estate demand should remain stable for warehouse and distribution centers, light industrial, life sciences and medical centers. A softened market is likely to linger for office space. Retail is poised to be the hardest hit. Consumer sentiment will play a large role in how the 3rd and 4th quarters of 2020 shape up. We will keep our eye on the market!
When you are ready to begin, relocate or expand your business, team up with the Jay Nuss Realty Group, LLC! Whether you are thinking of buying, leasing, or investing in Boston Metro commercial real estate, we can help you find the ideal property.
Contact us today for expert guidance!