The millennial generation, born between 1983 and 2000, are the biggest in U.S. history and are preparing to move into their prime spending years. This shift will reshape the economy, as their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business in the years ahead.
JLL New Jersey’s Spring 2016 Transit Hub explores how Millennials will influence activity in the state’s transit hubs which are typically characterized by one of more of these factors: a significant number of office properties clustered near or within a downtown, urban or town center; adjacent or proximate to a New Jersey Transit rail station; and offers a mass transit commuting option within walking distance of the commuter’s office location.
Urban Transit Hubs in JLL’s report are major office markets with rail stations that allow commuters living in New Jersey and Manhattan the advantage of reaching the rail stations without having to drive. These Urban Transit Hubs are Hoboken/Jersey City, Newark, New Brunswick and Trenton.
Suburban Transit Hubs are smaller versions of Urban Transit Hubs in suburban New Jersey with more local access, typically smaller office buildings and walkable amenities. Suburban Transit Hubs in the report are: Metropark, Morristown, Princeton and Summit.
To read the full comprehensive analysis of real estate trends/activity impacting New Jersey’s transit hub office markets, download the report here.