ATLANTA—For all the talk of residential, retail and hotels moving into urban cores, some industry watchers report a wave of suburban companies moving their headquarters downtown or establishing second offices in city centers to bolster hiring and enhance employee retention. Studies show Millennials, in particular, are driving the trend toward alternative transportation issues like Uber and Divvy bikes because they don't want to own a car.'

“Growing tech companies are at forefront of recruiting young, smart talent in urban areas, and now traditional firms are following their example,” says Chad Bermingham, vice president of Cresa's Chicago office. “In Chicago, Mayor Emanuel has been enticing traditional companies to come downtown since he took office. Also, the City has been renovating subway stops, building new parks, and generally improving the look and feel of the Downtown area, at the neglect of outlying areas.”

Bermingham points to several large corporations moving from Chicago's suburbs to Downtown, including Lenovo, United Airlines, Hillshire Brands and ConAgra. Kraft-Heinz is moving its headquarters from Northfield into 175,000 square feet at the Aon Center in early 2016 and Motorola, currently headquartered in Schaumburg, is currently seeking 150,000 square feet of space and is focused on 500 West Monroe.