Office jobs underpin our five-year employment growth outlook for APAC
Office-based sectors have been the key driver of economic growth across APAC’s key cities over the last 10 years. We forecast that will continue, generating many additional jobs. We expect office-based employment to grow at an average annual rate of 2.8% across major APAC cities over 2023-27, which is 1.8 percentage points more than total employment.
What you will learn:
- Over the next five years Tokyo will generate more office-based jobs than any other advanced APAC city, partly thanks to its sheer scale, and continued economic growth in its business services sector. It will also be helped by its ability to draw in migrant workers from elsewhere in Japan. That contrasts with the demographic challenges facing Seoul and Taipei.
- Amongst all APAC cities, including those in emerging economies, three of the top six for office employment growth to 2027 will be Indian, including Mumbai in first place with over half a million extra jobs, and three will be Chinese. That contrasts with 2015-19 when five were Chinese, with Mumbai in sixth place. Shenzhen and Guangzhou will lead the Chinese increases.
- We forecast Singapore and Hong Kong to both generate significant numbers of office jobs between 2023 and 2027.
Tags:
Related Services
Post
Indian and Australian cities to outpace rivals over 2024-28
We forecast Indian cities to outpace the rest of APAC in terms of GDP growth over the medium term (2024-28). Southeast Asian cities such as Ho Chi Minh City and Jakarta will come close to matching Indian cities and will outperform Chinese ones. Among advanced APAC cities, we expect that Australian ones will fill the top two positions in terms of medium-run GDP growth.
Find Out More
Post
Major China cities face prospect of growth downshift
Over the next five years China and its major cities face the prospect of a significant downshift in economic growth. We forecast GDP to grow on average by 4.1% per year across 15 major cities in the years to 2028, down from 7.3% between 2015-2019.
Find Out More
Post
Europe: Among major southern cities, Madrid looks strongest
We are cautiously optimistic about the medium-term outlook for Europe's cities as a whole, but less sanguine about southern European cities than most others. They have tended to underperform in the past and will probably do so in the future. Madrid, the largest, has the strongest growth prospects of the larger cities.
Find Out More