According to a report by CBRE, New Jersey’s struggling office market is facing another big challenge: the exodus of millennials. This is in addition to numerous hurdles over the past decade, resulting from the recession and vacant corporate campuses left behind after company consolidations. The latest is an “alarming” outflow of young workers from the state.
A number of landlords have been investing heavily to renovate older buildings, adding lobbies with Wi-Fi, baristas and wine bars, lounge seating and cafeterias offering a variety of food options. Others are subsidizing beefed-up transportation to and from train stations and hip downtowns using vans or ride-sharing apps.
Many millennials are coming from a few years of living on college campuses with recreational areas, academic buildings and collaborative spaces. Savvy corporate complexes, like the Warren Corporate Center in Warren, N.J., are being redeveloped with amenities designed to attract millennials, such as a stand-alone amenity building in the center of the 820,000 square-foot complex, featuring an indoor basketball court, conference-room facilities, a food court with a coffee bar, fitness center and a green roof with event space.
Sprawl repair techniques can revitalize suburban campuses and communities to make it more attractive for the millennials, and all residents of the Garden State.