MSA Employment Tracker - Now We're Cooking with FIRE

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MSA Employment Tracker - Now We're Cooking with FIRE

USA | REITs EquityMayResearch14, 2026

MSA Employment Tracker - Now We're Cooking Why It Matters: We think looking at job

growth at the local level and by industrywith FIRE is a useful framework for analyzing this

Office-using employment remains weak (-0.6% Y/Y), but job listings inflected key demand driver across individual REITs,

as it serves as a leading indicator for

further into positive territory (+11.0%). The West Coast is showing the clearest quarterly results — most notably at Office and

signs of stabilization, driven by accelerating listings and FIRE hiring strength: Apartment REITs.

aggregate FIRE job listings were down -2.6% Y/Y, but +7.7% on the West

Exhibit 5 - Office-Using Job Growth by Region

15%Coast. We continue to favor Coastal over Sunbelt office REITs, with incremental

support from stronger AI & adjacent demand. 10%5%

0%

-5%

Office-Using Job Growth Continues to Slide: Y/Y office-using job growth was -0.6% in Feb (vs -10%

-0.5% in Jan), but total office-using employment was up +29 bps M/M. Feb Y/Y growth was -10 bps -15% Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb Aug Feb

behind the prior 3-month & 12-month avg (both -0.5%). Y/Y Tech job growth was -1.4% in Feb; the 2020 2021West Coast2021 Composite2022 2022 2023New 2023York 2024 Sunbelt2024 Composite2025 2025 2026

.

last positive Y/Y growth for tech was recorded in Aug '23. By region, growth was positive both Y/Y Source: Jefferies, Bureau of Labor Statistics

Exhibit 6 - Tech vs. Non-Tech Office Usingand M/M in NYC (+0.3% Y/Y, +0.4% M/M) and the Sunbelt (+0.2%, +0.5%), while the West Coast was Employment Growth

flat Y/Y but rose +0.7% M/M. Across Sunbelt markets, Raleigh (+1.6%), Austin (+1.4%), and Dallas 20%

(+1.4%) were among positive standouts.