Return of the Millennial: The New Jersey Suburban Office Renaissance
Recognizing long-term value is a cornerstone of Rockefeller Group’s vision. As transit-oriented New Jersey continues to experience the urban renewal trend, corporate campuses have become a focal point in a movement that we expect to continue in the near-term. Young professionals wield significant power in this shift, which embodies the increasing demand for holistic communities that bring the urban experience to select suburban environments.
The Holistic Shift
As millennials look to move back to the suburbs to buy homes and raise families, transit-oriented areas in New Jersey such as Montclair, Bloomfield, Red Bank and Morristown have seen an uptick in development in recent years. The sprawling projects in these areas, which were previously underutilized, have been rejuvenated to include a rich array of conveniences. According to U.S. Census Bureau data, between 2007 and 2014 people between the ages of 18 and 34 left New Jersey at a higher rate than any other age group. A net-loss of over 57,000 millennials left New Jersey in 2014 alone. The reconditioning and repositioning of these suburban parks reinforces the overall effort to retain and attract this crucial demographic and maintain the state’s diverse talent pool.
In the past, traditional designs only dedicated three percent of office space to amenities. These newer corporate campuses expand how each square foot is utilized, incorporating lounges, outdoor spaces, accessible food options and even fitness centers to create one-stop lifestyle destinations. They address modern business needs with broad-ranging wifi, smart use of space like shared conference rooms, and efficient locations to encourage environmentally friendly, healthy commutes by foot or bike. This collision of worlds has created an entirely new atmosphere. The grassy expanses and spatially pleasing areas tease the best attributes of suburban life, while proximity to public transportation, restaurants and nightlife satisfy the urban variety of the city.
At the forefront of these innovative, mixed-use facilities is Rockefeller Group’s 268-acre, master-planned sustainable development, The Green at Florham Park. It is home to the New York Jets, BASF’s North American Headquarters, and Summit Medical Group’s latest location for comprehensive health services, the MD Anderson Cancer Center. The state-of-the-art medical team is renowned for serving nearly one million patients since its inception and ranking in the top two of U.S. News and World Report’s cancer treatment centers in the United States.
Now, Rockefeller Group is proud to announce the opening of AVE Florham Park, a flexible-stay luxury residential community, as well as plans for ARCHER, an upscale hotel. Ideal for business travelers and those in transition, AVE offers both furnished and unfurnished suites and over 65,000 square feet of indoor and outdoor amenity space. In keeping with the lifestyle-oriented trend and Rockefeller’s commitment to long-term growth, we are proud to nurture this urban-suburban environment with amenities that serve all resident needs while co-existing with them symbiotically. With just one office development site remaining, we are looking forward to seeing which business will have the opportunity to become the final part of The Green community!