While traditional office occupying job creation is declining, healthcare remains a bright spot within Minneapolis

Analysis of professional service job posting data over the past 6 years shows that the Minneapolis market follows regional and national trends in declining from Mid-2022 peaks. However, a recent observation in Minneapolis may potentially be indicating a return to equilibrium within the market, as the market saw a smaller decline than the Midwest or national average from 2023 Q3 to 2023 Q4.
In general, job openings for office-using industries only partially followed the trend of lowering demand for office real estate, as an analysis of those industries indicates that the decline is driven by tech industries while more traditional industries such as banking, real estate, and non-profits remain at the same proportion YoY.
In contrast, healthcare-related industries saw an increase in job postings, reflecting MSP's focus on its medical sector, as it continues to provide an area of strength within the local economy.

March 21, 2024

US-MN-MSP Minneapolis