January was an especially strong month for payrolls data, and this translated into positive employment growth across all 30 of the biggest metros. However, this was not the case for office-based jobs, as a substantial fall in information jobs amidst large tech layoffs contributed to a m/m decline in 12 of the 30 metros. Therefore, we expect office-based employment in the coming months to be heavily impacted in those metros with a high exposure to tech, many of which are in the West.
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