The Millennial Impact on the New Jersey Office Market

Joseph Sarno, left, executive vice president, and Nicholas Hilton, senior vice president, CBRE

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.