- A new analysis by JLL links recent graduates’ decisions on where to live with the future strength of office markets.
- New York City, Los Angeles, San Francisco, Boston, and Chicago are among the top 21 cities attracting the most graduates in 2024.
- Graduates are factoring in the cost of living, with smaller markets and suburban areas seeing growing popularity due to affordability.
The Class of 2024’s choice of where to live and work after graduation could have long-term implications for office markets, as reported in Globest.
The decisions made by these grads—busy balancing cost of living, career opportunities, and office attendance expectations—may shape the future of the U.S. office market for many years to come.
Shaping The Future
A new analysis by JLL shows that two-thirds of recent graduates are settling in the nation’s top 21 talent hubs, which are expected to shape the long-term future of the U.S. office market.
Many of the 1.64M graduates of the class of 2024 will establish their careers in their chosen cities and remain there long-term, influencing both the quantity and quality of office spaces in these areas.
Notably, the class of 2024 is the first post-pandemic group expected to attend offices regularly at the start of their careers, creating a direct link between graduate migration patterns and office market demands.
Top Cities For Grads
The top 21 cities attracting recent graduates include NYC, LA, San Francisco, Boston, Chicago, DC, Atlanta, Philadelphia, Seattle/Puget Sound, Houston, Dallas-Fort Worth, Austin, Denver, Miami/South Florida, San Diego, Phoenix, Raleigh-Durham, Orlando, Charlotte, Detroit, and Pittsburgh.
These cities outperformed the rest of the nation when it came to attracting new talent, with all roads once again leading to the Big Apple, which added 47.8K new graduates in 2024.
Cost Considerations
Unsurprisingly, the cost of living is an increasingly important factor for graduates. In 2024, the average cost of living in cities that attracted a growing share of graduates was 103.5, compared to an average of 114.9 in cities that saw their share of graduates decline.
Many graduates are also opting for suburban lifestyles, with fewer moving to principal cities and many more seeking affordable suburban areas within a reasonable commuting distance of urban cores.
What’s Next
As the post-pandemic job market continues to evolve, the cities chosen by new graduates will make their mark for years—or perhaps even decades—to come.
The tug-of-war between remote work flexibility and in-office requirements, along with the need for affordable living options, will remain key considerations for the class of 2025 and beyond.
