Job security in engineering has shifted significantly in the San Francisco Bay Area, particularly within the Commercial sector, focusing on office buildings.
Amid the rise of remote work, many office spaces remain vacant, prompting a wave of conversions into apartment buildings. The global pandemic has proven that employees can be just as productive outside the traditional office setting. Post-COVID-19, companies are navigating the challenge of balancing in-office and remote work dynamics. The surplus of office space is straining existing development loans, resulting in defaults or innovative refinancing.
This challenge occurs in a market already grappling with elevated interest rates causing engineering firms to see a slow down in commercial projects, leading to lay off of engineers specifically employed to work those markets.
For Structural Engineers and Architects, understanding this evolving landscape is crucial for assessing job security. Layoffs have become increasingly common, emphasizing the need to explore new markets.
The complexities of the current engineering job market in the San Francisco Bay Area shouldn't be navigated alone. If you're considering a career pivot, let's discuss how my clients can open up new opportunities and enhance your professional stability.
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Richard Camino, P.E. Evan Schlecker Philip Morgan Jason Hauck, CFA Cassie Turbow, AIA Jessica Neiser Shah