4C— February 26 - March 10, 2016 — Commercial Office Properties — M id A tlantic

Real Estate Journal

C ommercial O ffice P roperties Analysis provided by ROCK Commercial Real Estate Central PA Office Employment Statistics

ORK, PA — Indus- tries in the office sec- tor support a large number of employment in the United States. In 2014, there were an estimated 87.2 million white collar workers throughout the U.S. and this number is projected to grow by another 2.2 million workers by the year 2019. Employment trends indicate that companies are filling va- cancies and adding new posi- tions at a faster pace to keep up with rising workloads. But what does this mean for Central Pennsylvania? O ffice workers in Cen- Y

in 2014. Statistics indicate that by 2019 there will be an additional 11,000 white collar workers. In Central Pennsylvania, there are approximately 40,000 “office” businesses that employ just over 600,000 people. In breaking down the data, we learn that Lan- caster County currently has the largest number of office businesses (8,637) followed by Berks County with 6,719. Cumberland County and Dauphin County have the largest percentage of total businesses that entail some type of office business. In

Cumberland County, approx- imately 50.9% of the total businesses are office-based businesses, and in Dauphin County, 50.3% of the total businesses are office-based. Dauphin County currently has the largest number of of- fice employees. In fact, 62.2% of the total employment in the county is office-based em- ployment which is predomi- nately driven by government employees in Harrisburg. In Dauphin County, one office- based business supports ap- proximately 24 employees on average, which is 23.6% higher than the average for

all businesses and employees in the county. C hange in employment from 2008 to 201 4 In the six year time period from 2008 to 2014, changes in office-based employment were mostly positive overall for Central Pennsylvania. All of the Central Pennsyl- vania counties individually witnessed some growth over this time period. Growth in the office-based job market in the region as a whole experienced 5.3% growth from 2008 to 2014. Franklin County had the overall high- est change in this time frame with office-based employ- ment increasing by 15.7%. Adams County ranked sec- ond on the list with a change of 12.8%, followed by Dau- phin County which increased by 11.8% overall. The information industry took the hardest hit in em- ployment from 2008 to 2014 in the Central Pennsylvania region. Total employment in this industry decreased by 20.3% over this time frame. The information industry includes newspaper publish- ing, software publishing, motion picture and video recording, sound record- ing industries, radio and TV broadcasting, cable and other telecommunications (including wireless and sat- ellite), data processing, and others. Both the health care and education industries in the Central Pennsylvania region saw the highest growth in employment from 2008 to 2014. These industries saw an overall increase of 13.8%. Lancaster County had the highest growth in medical employees (17.6%) as well as the highest growth in educa- tion employees (44.6%). About ROCKCommercial At ROCKwe have access to numerous different data sets including our own propri- etary database. Let us show you how we can use data and analytics to conduct detailed market studies with industry leading technologies to help you make better, more stra- tegic real estate decisions. We publish a weekly column entitled MORETidbits which takes national news, data and statistics that are rele- vant to real estate, business, and economics and gives the information a local Central Pennsylvania perspective. n

tral Pennsylvania In 2014, there were ap- proximately 833,000 white collar workers in the Cen- tral Pennsylvania region. (For the purposes of this analysis, the Central Penn- sylvania region included the following counties: Adams County, Berks County, Ches- ter County, Cumberland County, Dauphin County, Franklin County, Lancaster County, Lebanon County, Perry County, and York County.) White collar work- ers in Central Pennsylvania accounted for approximately 36.0% of the total workforce

Made with FlippingBook - Online catalogs