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U.S. Office Jobs Going Offshore

U.S. Office Jobs Going Offshore. Millions of Jobs. (595 million sq. ft.). 3.4. (298 million sq. ft.). (193 million sq. ft.). 1.7. (140 million sq. ft.). 1.2. 1.0. (53 million sq. ft.). 1.1. 0.8. 0.5. 0.1. Source: U.S. Department of Labor and Forrester Research, Inc., 2004.

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U.S. Office Jobs Going Offshore

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  1. U.S. Office Jobs Going Offshore Millions of Jobs (595 millionsq. ft.) 3.4 (298 millionsq. ft.) (193 millionsq. ft.) 1.7 (140 millionsq. ft.) 1.2 1.0 (53 millionsq. ft.) 1.1 0.8 0.5 0.1 Source: U.S. Department of Labor and Forrester Research, Inc., 2004

  2. U.S. Office Inventory Impacts Sq. Ft. Multi-tenant inventory 3,650,000,000 Today’s vacancy - 620,500,000 Occupied inventory 3,029,500,000 Further demand loss to 2015 508,000,000

  3. U.S. Employment at Riskto Outsourcing - 2001 Total U.S. Employment 127,980,410 Office Support 8,637,900 Business and Financial Support 2,153,480 Computer and Math Professionals 2,825,870 Paralegals and Legal Assistants 183,550 Diagnostic Support Services 168,240 Medical Transcriptionists 94,090 Total at Risk Employment 14,063,130 Source: Bureau of Labor Statistics Compilation by Ashok D. Bardhan and Cynthia Kroll,Fisher Center for Real Estate and Urban Economics, University of California, Berkeley

  4. Occupations at Risk to Outsourcing as Share of Total Employment 20% 15% 10% 5% 0% Source: Bureau of Labor Statistics Compilation by Ashok D. Bardhan and Cynthia Kroll,Fisher Center for Real Estate and Urban Economics, University of California, Berkeley

  5. Financial Services Outsourcing • 13 million financial services employees in mature industrial economies • 15% migrating offshore (2 million) — 850,000 from U.S. — 730,000 from Europe — 400,000 from Japan Source: Deloitte Research

  6. U.S. Office Market Implications • Reduced short- to medium-term demand • Protracted vacancy = no rent increases • Development not justified • Call center and data processing hubs hurt most • Financial centers strong -- but watch the back office functions • Government centers least affected • Class A- and B buildings will suffer • Class A by no means immune

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