If office space rentals in New York City are any indication, the financial services industry is cutting back on jobs while the technology industry is soaring. According to a report conducted by Cresa on Manhattan’s office market, the financial services industry is set to cut at least 10,000 jobs in NYC in 2012.
Even though the financial services industry has earned record profits lately, they are still cutting back on jobs. In a stark contrast, the technology industry has added 20,000 jobs in the past five years and continues to grow. The cutback in the financial services industry in NYC may come as a surprise seeing as though the state of the economy has pushed many Americans to flock towards their services and help. It is especially surprising seeing as though they have been earning record profits as of late. Whatever the concrete reason, those looking to get a financial services position in NYC might want to consider a different location, or perhaps a job in the technology industry.
According to the report, the area seeing the most expansion and office space rental for the technology industry is Midtown South. It is this area, and not downtown or Midtown North, that is seeing the most technology companies either renting out office space or expanding their current spaces. This is pretty on par with most of the news that has been coming out lately on the job market and technology jobs and likely these jobs will continue to soar as other industries slow down.