Despite the once prevalent “live-work-play” trend, recent data shows that there are over 4.8 million reverse commuters out of major cities. This recent phenomenon comes at a time where people are moving into cities much more quickly than jobs are becoming available.
Historically, jobs would lead the charge—employees would follow where the jobs brought them. Nowadays, as Millennials and younger generations want to be near the hustle and bustle of city life, many choose to relocate to rent in the cities, even if the job opportunities are not present.
So, how is this affecting real estate? A growing number of companies are taking note of this trend, and some are even relocating to larger cities to be near the job demand. Conversely, suburban office developers are attempting to keep the talent close by, offering a wide range of amenities and overall improved culture to employees.
As unemployment hits historically low rates, companies hope that by offering an attractive workplace with a surplus of amenities, they will not have to rely solely on wages to entice top talent. With that, suburban companies are increasing commuter packages, hoping not only to attract but also retain employees.
So, regardless of how individual employees choose to separate or integrate their “live-work-play” lifestyle, companies are responding, and the workers are coming out as winners.