The number of people working in offices in New York City hit a record 1.5 million in 2016, according to a report released by New York State Comptroller Thomas DiNapoli on Monday. And amid the largest employment expansion in the city's history, office space reached 550 million square feet last year.
"New York City's office properties are an important part of its economy, attracting businesses and workers from around the world," DiNapoli said in a press release.
Since 2009, office jobs have increased by 202,000, or 15%. Employment in offices now accounts for about one-third of the city's 4.3 million jobs. Overall, the city has added more than 620,000 jobs since the end of the Great Recession.
The business services sector, which includes accountants, lawyers and administrative employees, and the technology, advertising, media and information sector accounted for 87% of the growth in office jobs.
Based on data provided by the New York City Department of Finance, the report said the total market value of office space in the city reached $168 billion in fiscal year 2017, an increase of 179% since fiscal 2000.
Two-thirds of all economic activity in the city occurs in office buildings, the report said, which added that this totaled $550 billion in 2015. At the end of fiscal 2016, New York City debt outstanding stood at $112 billion.
The city's three main business districts of Midtown, Midtown South, and Downtown Manhattan contain office space that add up to three times that of Chicago, which is ranked No. 2 nationally, and twice that of London, ranked No. 2 internationally.
"Demand has been strong. Millions of square feet of new office space have been developed, and millions more are in the pipeline," DiNapoli said. "In recent years, job growth has met the increase in office space, but job growth has begun to slow. The time needed to fill the additional space will depend on the future pace of employment growth."
