NEW PALTZ, NY—The economy in the Hudson Valley region in New York State has been stagnant of late with office vacancies and asking rents showing little improvement, despite sharp reductions in the area’s unemployment rates in the past year.

JLL Managing Director Chris O’Callaghan said that he expects conditions to remain the same in most markets in the northern suburbs of New York, with one key exception: “There is going to a drive to transportation centers, the urban centers, because companies need to find highly skilled employees.” He added that because businesses are looking to attract and retain young professionals coming out of college, they are seeking to locate their offices in vibrant downtown districts near transportation centers.

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