MSA Employment Tracker - Job Listings Continue Its Positive Run

Research evidence excerpt

MSA Employment Tracker - Job Listings Continue Its Positive Run

USA | REITs EquityJulyResearch9, 2026

MSA Employment Tracker - Job Listings Why It Matters: We think looking at job

growth at the local level and by industryContinue Its Positive Run is a useful framework for analyzing this

Office-using employment remains weak (-0.4% Y/Y), but job listings continued key demand driver across individual REITs,

as it serves as a leading indicator for

their positive run at +16.2% Y/Y. The Sunbelt led this month with listings up quarterly results — most notably at Office and

+16.4%, marginally above the West Coast (+15.7%). While the Sunbelt led on Apartment REITs.

total listings, albeit by +70 bps, we continue to view the West Coast recovery

Exhibit 5 - Office-Using Job Growth by Region

12%as the more compelling opportunity given the pre-COVID vacancy gap and clear 10%

8%

6%AI leadership. 4%

2%

0%

-2%

Office-Using Job Growth Continues to Slide: Y/Y office-using job growth was -0.4% in May (vs -4%-6%-8%

-0.3% in Apr), but total office-using employment was up +12 bps M/M. May Y/Y growth was +10bps -10% Nov May Nov May Nov May Nov May Nov May Nov May

above the prior 3-month avg (-0.5%) and 12-month average (-0.5%). Y/Y Tech job growth was -1.1% 2020 2021West Coast2021 Composite2022 2022 2023New 2023York 2024 Sunbelt2024 Composite2025 2025 2026

.

in May; the last positive Y/Y growth was recorded in Aug '23. Office-using job growth was +0.6% Source: Jefferies, Bureau of Labor Statistics

Exhibit 6 - Tech vs. Non-Tech Office UsingM/M and positive Y/Y in NYC (+1.7% Y/Y). The Sunbelt fell -0.1% M/M but rose +0.4% Y/Y, while Employment Growth

the West Coast was up +0.1% M/M but fell -0.5% Y/Y. Across Sunbelt markets, Raleigh (+1.8%), 20%