AI-Driven Venture Capital Rebound Reshaped Top Cities for U.S. College Graduates in 2025, JLL’s Annual Analysis Reveals

CHICAGO, Sept. 16, 2025 – A surge in U.S. venture capital (VC) funding reshaped college graduate migration patterns this year, according to JLL’s newly released U.S. Talent Hubs 2025 report. The analysis of 1.47 million office-using U.S. graduates ranks 50 of the nation’s largest labor markets based on 2025 graduate talent concentration in each metropolitan area.

The annual migration of graduates from college campuses to corporate America serves as a valuable indicator of future office market demand because workers tend to establish lasting ties to their first career destination. This year, New York remained the No. 1 destination for graduates in JLL’s ranking, while San Francisco rose to No. 2 and Dallas-Fort Worth climbed to No. 9.

"An AI-fueled venture capital surge and return-to-office momentum are drawing the Class of 2025 to the largest markets nationwide, while corporate America's ongoing relocation spree continues to fuel growth in the Sun Belt," said Jacob Rowden, Senior Manager, U.S. Office Research at JLL. "These young professionals are instinctively flocking to cities with opportunities for mentorship, collaboration and career acceleration – making their choices not just job decisions, but a clear signal for where the next wave of office demand will land."

Nationwide, VC deal volume rose by 71% from Q2 2024 to Q2 2025, fueling graduate hiring in markets with stronger VC ecosystems. The surge in VC funding to nearly 80% of 2022’s peak levels was largely driven by AI investments, which accounted for more than 40% of the approximately $265 billion raised in the U.S. year-to-date. San Francisco, home to the top-ranked VC ecosystem globally, established itself as the No. 2 talent hub, up from No. 3 last year. Meanwhile, smaller VC-fueled talent hubs like San Diego (No. 14) and Raleigh-Durham (No. 15) also climbed in the rankings.

Corporate relocation hotspots continued driving graduate employment growth, with Dallas-Fort Worth rising two spots to become the No. 9 talent hub. Since 2020, more than 2,000 publicly traded corporations have moved their headquarters, primarily benefiting Texas, Florida, and North Carolina. Talent hubs in these states have climbed in the rankings since 2020, with Tampa entering the top 25 for the first time this year.

Return-to-office mandates pushed graduate concentration in major markets to its highest level since the pandemic began in 2020. The 10 largest talent hubs captured about 44% of all graduates, up from 43% in 2024. Elite graduates demonstrated even stronger clustering, with 86% of those graduates in the 10 largest talent hubs, up from 77%. Major hubs delivered stronger job markets, posting 29% year-over-year growth in entry-level job postings compared to 22% growth elsewhere.

As the competition for top talent intensifies, companies will increasingly align their office real estate decisions with graduate talent flows. The cities climbing in this year's rankings signal where corporate America will concentrate both its future workforce investments and office footprints.

The full report and talent hub ranking are available here.

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