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
London leads high-value services growth, but not by much
London's dominance of the UK's high value service sectors—information & communications and professional, technical, & scientific activities—is clear. But although London saw faster growth in info & comms jobs in the decade before the pandemic, it lagged other regions with respect to output (GVA). The reverse was true for the professional sector. And several cities, including Bristol, Manchester and others, have done well in important sub-sectors. Going forward, London will probably outpace other regions in high-value services, but not by much.
Find Out More
Post
City bright spots amid a global slowdown
Following a year of subdued global growth in 2023, we think a further softening of economic conditions is likely next year. Inevitably, this is reflected in the outlook for the world's major cities, which in aggregate, will also see slower growth in 2024 than this year.
Find Out More
Post
A benign growth outlook for European cities, with some bright spots
GDP growth in Europe's major cities will be modest in 2024, with nearly half seeing a slowdown from 2023. However, given the backdrop of weakening activity across European countries, a loss of momentum is hardly surprising. And even with this difficult setting we still expect city GDP growth to, on average, outpace national economies.
Find Out More