Corporate America is vying to attract the best and brightest talent in an increasingly tight job market. With the unemployment rate so low, companies that provide a superior lifestyle – both within and beyond the physical workspace – are best positioned to compete for this top labor. That theme, in turn, is shaping the commercial real estate market here in New Jersey, throughout the Mid-Atlantic region and nationwide.
Workplace Lifestyle Takes Center Stage
Tenants’ desire for a strong sense of “place” extends beyond the corporate campus. Today’s most sought-after locations offer the type of urbanized housing, recreation, dining, shopping and entertainment options typically found within the most vibrant downtowns. As 2020 commences, tenants in pursuit of this type of environment are showing a willingness to pay higher rents for the right setting. They recognize that best-in-class professionals are drawn to career opportunities that contribute to robust, balanced lifestyles.