The exodus of millennials is hurting a New Jersey office market that was already struggling, according to an article by Wall Street Journal reporter Keiko Morris. (Read it here. Subscription required.)
Attracting and retaining millennial employees is a priority for many employers. But as NJBIA’s outmigration report points out, millennials are leaving New Jersey at a faster rate than any other demographic.
“The preferences of the millennial generation, typically those born between the early 1980s and late 1990s, already have placed New Jersey’s largely suburban office buildings in a tough position,” Morris wrote. “This younger workforce is known for favoring urban settings and workplaces that are close to where they socialize.”
In 2014, the number of millennials moving to the state fell short of those leaving, making for a net loss of 57,566 residents. In addition to its impact on real estate, outmigration provides a long-term problem of the availability of skilled employees.
“This is our future workforce,” NJBIA President and CEO Michele Siekerka said. “New Jersey has always been known for having a highly skilled workforce, and we need to maintain that.”
