Photo of Jeffrey Peck Jeffrey Peck, vice chairman at Savills Studley

NEW YORK CITY—Millennial employees are in high demand across all industries. They already make up a third of the US workforce. By 2025, millennials will comprise 75% of the workforce, and Manhattan companies are already competing to add the best of them to their talent pipeline. As companies seek to use their offices to attract and retain millennial talent, relocating to new, state-of-the-art space has become an increasingly attractive alternative to renewing and renovating existing workplaces.

In the past, Manhattan real estate decisions were based on the preferences of the C-suite. The commute from the suburbs tended to concentrate companies near Grand Central, Penn Station and Times Square. Workplaces were designed to benefit the top of a company’s hierarchy, with senior executives in enclosed, perimeter offices with windows, and younger employees corralled in high-wall cubicles with little natural light and visibility. Pantries were hidden in dark, “back-of-the-house” obscure areas. Amenities were not part of the vernacular.


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.