- New York City reached an all-time high in finance and insurance jobs, now totaling 385,400.
- The securities subsector has more jobs than ever before, signaling strength in key office-using industries.
- Despite population outflows, New York maintains a 10% lead in high-skilled talent over other states.
- Office and residential landlords benefit as tech talent continues to flow into New York City.
Office Momentum Remains Strong
According to the Commercial Observer, New York City continues to attract top-tier tech talent, with recent data from the New York Economic Development Corporation (NYEDC) revealing record numbers in the finance and insurance sectors. The city added 10,600 private sector jobs in January, and there are now more securities jobs in NYC than at any point in its history.
Tech Talent Boosts Leasing Prospects
The rise in tech talent supports demand for office space citywide. Landlords have reason for optimism as job growth, especially in high-skill segments, helps to fill vacancies in both office and residential sectors. This momentum mirrors broader trends in major tech hubs, where growing demand for AI-driven roles continues to support leasing activity. Major employers like J.P. Morgan continue to significantly invest in new office developments, reinforcing confidence in the market.
High-Skilled Labor Retention
Research from JLL shows that while some residents have relocated to Florida and Texas, New York City’s appeal to highly skilled professionals remains unchallenged. The city retains a notable 10% lead in this cohort, and for each skilled worker lost to other states, it gains 70 from elsewhere. This ongoing influx bolsters the commercial real estate landscape and signals continued momentum for office leasing.
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