Note: Again the chapter and verse divisions are off between the Tanakh and the modern translations. The content is, however, the same.
This passage is listed as Zechariah 2: 5-17 in the Tanakh.
Zechariah 2:1 I lifted up mine eyes again, and looked, and behold a man with a measuring line in his hand.
This is Zechariah talking here.
The restoration and rebuilding of Israel is symbolized here.
Zechariah 2:2 Then said I, Where are you going? And he said to me, "To measure Jerusalem, to see how wide it is and how long it is.
Zechariah speaks to the man. He is perhaps measuring the future dimensions of the city of Jerusalem.
Compare with Ezekiel 40:2-4; Jeremiah 31:38-39; and Revelation 11:1-2
Zechariah 2:3 And, behold, the angel that talked with me went forth, and another angel went out to meet him,
me - Zechariah
the angel that talked with me - this is the instructing angel, the one who explains to Zechariah the meaning of the prophecies.
Zechariah 2:4 And said to him, Run, speak to this young man, saying, Jerusalem shall be inhabited as towns without walls for the multitude of men and cattle therein:
young man refers to Zechariah.
Now this is a prophecy the second angel tells us that Jerusalem will be come so large that it will extend beyond any city walls. This is beginning to be fulfilled in our day and age. This was never true before the modern state of Israel. Jerusalem has indeed grown to the point of being outside the city walls.
Zechariah 2:5 ‘For I,' says the L-RD, 'will be a wall of fire all around her, and I will be the glory in her midst.' "
Even without the walls Jerusalem will be secure because the L-rd will protect it.
I will be… this is speaking of the Messianic reign. The Messiah will be G-d.
See also Ezekiel 43:1-7
Zechariah 2:6 Ho, ho, come forth, and flee from the land of the north, said the L-RD: for I have spread you abroad as the four winds of the heaven, said the L-RD.
Ho Ho this is repeated for emphasis.
the land of the north - This is a double prophecy. First it is speaking of Zechariah’s day. Babylon had attacked Israel from the north, even though they lie east of Israel. If you know the terrain, Israel is most vulnerable from the north. The L-rd is telling those who are still in Babylon to pack up and head home.
spread you abroad as the four winds - It is also speaking of a future time when Israel has dispersed even further. In Zechariah’s day they were only in Babylon. Today the Jewish people have been scattered to the ends of the earth.
Isaiah 11:11-12 Then it will happen on that day that the L-rd will again recover the second time with His hand the remnant of His people, who will remain, From Assyria, Egypt, Pathros, Cush, Elam, Shinar, Hamath, And from the islands of the sea. And He will lift up a standard for the nations, And will assemble the banished ones of Israel, And will gather the dispersed of Judah from the four corners of the earth.
Zechariah 2:7 Come, O Zion! Escape, you who live in the Daughter of Babylon!"
Again they are being told to pack up and leave Babylon.