October 18, 2018
Since 2014, many headquarters operations have relocated from suburban outskirts to urban cores in an effort to attract the best, the brightest — and the youngest — talent to their ranks. But with more millennials starting to buy homes, is this trend about to end?
Not necessarily, according to Cushman & Wakefield. In its “CBD vs. Suburbs? The Millennial Effect” white paper, authors Michael McDermott and Erica Ruder note that millennials are putting off the activities supporting homebuying — marriage and children — until later in life. “This group most prevalently resides within centrally-located urban areas,” the report said.
But, don’t discount the suburbs. The white paper indicated that millennials will start families at some point, and “their location preferences may align more with qualities abundant in the suburbs.” Furthermore, suburban office developers are working hard to create urban, walkable environments.
However, the report reminds readers that not all suburban locations are created equal. “Those locations with the most success attracting large corporate users are still easily accessible via public transit, creating an easier commute for those employees who still choose to reside downtown or embrace a car-less lifestyle,” McDermott and Ruder write.
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