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Month: August 2020 (page 1 of 2)

Florida Employment Report | July 2020

Florida continues to see improvement on the job front over the summer. Florida lost 1,178,100 jobs from February to April 2020 and has since gained back almost half of the jobs lost, +572,200 jobs.

On a month-to-month basis, payrolls increased by 101,000 jobs in July while the unemployment rate increased 1,000 basis points to 11.3%.

The largest driver for the increased unemployment rate was the slowdown in economic recovery throughout the state.

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The New Normal Will Be a Total Workplace Ecosystem

Our workplace specialists analyzed this data to develop a report on the future of workplace, which gives you an inside look at the unrivaled insights into how employees are coping right now – identifying their key successes and critical challenge. With this data, Cushman & Wakefield has developed a report that provides insight into the future workplace.

Key learnings:

1. Productivity can occur anywhere, not just at the office:

  • Pre-COVID-19, remote workers were more engaged and had a better workplace experience than office workers
  • During the pandemic, effective team collaboration has reached new heights, through better leverage of remote collaborative technology, and the ability to focus was upheld

2. Flexibility and choice to work from anywhere is accelerating

  • 73% of the workforce believes companies should embrace some level of working from home
  • Human connection and social bonding are suffering, impacting connection to corporate culture and learning
  • Younger generations are reporting more challenges working from home

3. The new normal will be a Total Workplace Ecosystem:

  • The workplace will no longer be a single location but an ecosystem of a variety of locations and experiences to support convenience, functionality and wellbeing
  • The purpose of the office will be to provide inspiring destinations that strengthens cultural connection, learning, bonding with customers and colleagues, and supports innovation
  • Current footprint sizes will remain steady, balancing social distancing’s relaxing of space density with less office space headcount demand in the new total workplace strategy

Are you prepared to return to the workplace post-COVID-19?

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Q2 2020 Florida Office Sublease Market

Cushman & Wakefield is actively tracking the sublease market throughout the state including affected industries and local submarkets. At this critical point during the pandemic, companies are assessing their office space needs in light of current economic conditions. In previous economic downturns, a dramatic increase in sublease space in several markets came about as companies looked to shed excess space as headcount is reduced. Florida experienced a 15% increase in sublease space since March when the COVID-19 pandemic shocked the economy. Broward and Orlando had the largest increases at 58% and 45% respectively. A larger spike in sublease space could occur in the next few quarters as it looks more and more likely that the economy will not see stabilization and improvement till later in the year or in 2021.

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