Employers traditionally have followed workers to wherever they live. As many workers earned higher wages and bought homes in the suburbs, companies followed. Millennials generally like what city life offers, so it’s no surprise that real estate developers are rehabbing apartment complexes near city parks, restaurants, major retailers and theaters.
Robert Bach, director of research at Newmark Grubb Knight Frank real estate, told Business Insider that 14% to 22% of suburban corporate complexes are at risk for becoming obsolete, so it’s no coincidence that “fitness-focused and food-savvy millennials” prefer city life.