Executive Summary
The national and global economy saw their fair share of fluctuations during the year’s first half, from geopolitical events and increased interest rates to the ongoing war in Ukraine and recovery from the pandemic. However, signs of activity and demand for office space in the Southwest Florida market remained relatively constant in light of the negative economic forces globally. The Southwest Florida market’s unemployment rate hit 3.3%, falling 120 basis points (bps) year-over-year, adding 13,700 jobs, for an employment growth rate of 3.7%. In addition, office landlords benefited from steady employment gains in sectors that positively impacted demand. Those sectors included an increase in professional and business services of 5.3%, financial services increased by 12.1%, and an information services job growth of 3.3%.
