Full-Time Office Jobs Down by 128,000, Grubb & Ellis Report States

SANTA ANA, CA, Sept. 9, 2008--The labor market shed 84,000 net payroll jobs in August, bringing year-to-date losses to 605,000, according to data compiled by Bob Bach, Senior Vice President, Chief Economist, Grubb & Ellis Co.

In the key office-using sectors of information, finance, and professional and business services, losses this year total 352,000 jobs with nearly two-thirds in temporary help services, a category with a tenuous link to demand for office space.

That leaves full-time office jobs down by 128,000, which translates into potential negative net absorption of 20 to 25 million sq. ft.

Absorption turned negative in the second quarter at -3.1 million sq. ft., suggesting more losses may be coming.

Source: U.S. Bureau of Labor Statistics, Grubb & Ellis

For more information or to speak with Bob Bach, please contact Janice McDill at 312.698.6707.