Low unemployment rates are coupled with the growing need for tech savvy employees and forward-thinking perspectives on old products and services. New ideas are the precious raw materials – creating an intense focus on labor attraction efforts in the tech sector and technology jobs in traditional companies. Employers have responded by re-evaluating their location decisions and workplace experiences
Companies are moving their headquarters from suburban office parks to downtown locations. A key driver of this trend has been the availability of highly educated millennials, who tend to be more concentrated in the urban core.
In addition, because this group is forming families later, the urbanization trend could last a while, especially since the next generation, Generation Z, will also enter the workforce and increase the urban population before millennials eventually begin to move out. As millennials form families, it is likely that many of them will look to a more suburban lifestyle, and that may prompt some companies to move out to the suburbs. Or, if they stay in the core, they are likely to be more focused on transportation nodes that will create greater access for the suburban workforce