SADDLE BROOK, NJ—Millennials may not be willing to stay in the Garden State if the job opportunities presented to them are in suburban rather than urban areas, according to the latest Office MarketView report from CBRE.

The CBRE report raised several concerns about the willingness of young professionals to maintain Garden State residency, especially in more suburban areas, and fill the entry-level positions as they become available. Global occupiers identified access to talent as one of the leading drivers of market selection and building decisions in CBRE's research. Now that millennials—people born between 1980 and 2000—represent the largest age cohort in the American workforce, it is no surprise that companies are focused on how to attract and retain this talent pool.

While New Jersey witnessed an increase in the size of its overall working-age population in recent years, the competition for talent remains fierce, as the unemployment rate remains at a ten-year low of 4.1 percent. Meanwhile, as millennials become an increasingly important part of the labor market, New Jersey is challenged with holding onto its younger workforce; a recent report by the New Jersey Business & Industry Association states that “the number of millennials moving into New Jersey falls well short of the number moving out.”