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Why Companies are Moving Back Downtown
This article discusses the trend of corporate entities moving to downtown areas. The reasons include millennial generation, livability of downtown, industrial shift, active transportation access, etc.
In 2015, millennials became the largest component of the American workforce. For many companies, attracting and retaining millennial workers seems to require having a downtown office.
Tax incentives alone aren't enough to attract companies. They are also looking for places with sidewalks, ample transit, cafes, restaurants, and other amenities that would appeal to younger employees.
A study of suburban office parks near five major cities: Chicago, Denver, New York, San Francisco and Washington, D.C. found that between 14 percent and 22 percent of the suburban office inventory was “obsolete.” It didn’t meet at least two of six common features that prospective tenants said they wanted, especially proximity to transit.
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