Boston's office market is struggling to see big gains in employment as it deals with high labor costs in the post-pandemic world.
A report from Newmark shows that the unemployment rate in the area fell under three percent, marking the first time it reached those levels in almost a half-decade. However, industries have seen minimal employment growth. For example, construction leads the way at just 2.9 percent. Other sectors including information and manufacturing have seen a 3.4 percent and 1.9 percent drop in employment, respectively.
The firm attributes the problems to "tight labor conditions," which relates to worker availability. Also, layoffs are more prevalent in certain industries such as biotech and TAMI.
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