Study Predicts Flat Job Market
September 1, 2009
The Business Journal has an article out discussing an interview done by RHI of 200 Bay Area CFO’s about their hiring/firing plans for accounting and finance staff in the 4th quarter. The study showed:
- 3% expected to add positions
- 8% expected to reduce positions
- 88% expected no change
Although finance and accounting make up a small portion of the engineering-centric valley, it is an indicator nonetheless of what the demand for office space will be going forward. With most anticipating flat to downward growth, pressure on rents and landlords will continue to persist, though I suspect most of the damage to rents has already been done if you factor in the effective rents landlords are are providing these days.
The remaining cuts which we’ll likely see is further cut in asking rents, and repricing of new properties to actual market conditions, which will likely arise out of distressed sales or restructurings over the next 2-3 quarters.
[via Business Journal]
Similar Posts:
- With Office Market Softening, Some Landlords Mull Reducing Asking Rents
- MIT Releases Q1 TBI Numbers; Index Drops 5.8%
- YoY Rate of Commercial Delinquencies Up 5x
- SF Chronicle Article Today On San Francisco Office Space Market
- Q3 2009 Update: Silicon Valley Rents, Vacancy Rate, and Unemployment Numbers
Tags: Commercial Real Estate, Job Market, Robert Half International, Silicon Valley, Trends
Trackbacks & Pingbacks