Businesses are leaving urban centers and opting for the suburbs, as they provide the work-life balance that many millennials strive for, writes Lara O’Keefe for Bisnow Media.
This shift has led to some suburban office space markets outpacing downtown centers. According to the CBRE, the main reason is that people want to work near stores and transit options that give them a quick route home.
“When employers are trying to chase down that labor, they need to be smarter about where their talent wants to live,” said CBRE Head of Investor Leasing Scott Marshall.
Public transportation and walkability used to be a draw for urban centers. This has been replaced with ride-sharing companies and company-run busses and shuttles. These allow people to choose where they live, safe in the knowledge they have easy access to their workplace.
Companies are also creating an environment that attracts the best talent and meets their requirements.
“What millennials want to see out of their workplace, whether it’s bike storage or whatever, those amenities are now being transferred to the suburban locations,” said Andrea Cross, CBRE’s Americas Head of Office Research.
Read more about businesses’ exodus to the suburbs at Bisnow Media by clicking here.