The office market throughout the Southeast is showing gradual signs of improvement as companies are hiring and expanding at a normal rate again. According to the ManpowerGroup, 22 percent of employers surveyed in the South expect to increase staff levels in the fourth quarter, resulting in a positive Net Employment Outlook of 16 percent. In August, unemployment dropped to 5.3 percent in Florida, down from 5.5 percent a month earlier, and 5.9 percent in Georgia, down from 6 percent a month earlier.
With strong macro-economic indicators, the Southeast is poised to continue to catch the attention of companies like Mercedes who are looking to relocate large corporate headquarters. Additionally, positive absorption and falling vacancy rates are driving demand for new construction in cities throughout the Southeast, including Atlanta, Orlando and Miami. We have illustrated some key data related to the office market in the graphics below.