Research Briefing | Jul 5, 2023

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.
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