Millennials - Reshaping the Commercial Real Estate Market
Millennials are the individuals born between 1984 and 2004. Today, Millennials make up nearly a third of the population of the country. It is the largest demographic having its impact felt in all sectors of the economy. And commercial real estate is no different. Tech markets across the country including Silicon Valley, and the smaller hubs like in Chicago, Madison and Charlotte are almost entirely driven by this generation.
According to an estimate, Millennials will comprise nearly 50% of the global workforce by 2020 and a whopping 75% by 2025. It is no surprise that the preferences and requirements of these men and women are shaping the contours of commercial real estate across the country. If you are involved in commercial real estate, it pays to listen to the demands of these young men and women to be able to attract them in the years to come. Here are 4 of the top most priorities of the Millennials when it comes to approval of commercial real estate.
Layout and Design at the Workplace
With Millennials set to take over the workforce, the days of private offices seem to be numbered. Millennials prefer open work spaces to encourage free communication and collaboration. No longer are meeting rooms and private offices the norm. Nearly 9 in 10 Younger
Millennials would be comfortable working in an open floorplan if private spaces were available.This trend is fast catching up with commercial complexes and these buildings can now be seen offering more open work spaces. Another change quite visible is the increased use of glass in workplaces to allow more sunlight.
A Shift to Major Urban Centers
Millennials are known for the preference towards urban centers where they have quick and easy access to all modern amenities. It is a clear signal to you that you should stay away from buying rental properties in locations that prove to be inconvenient for the Millennials in reaching their workplace or shopping and dining facilities. The property should have ample parking spaces, lunchtime options such as a cafeteria or restaurant onsite — or dining options nearby.
Connectivity is the most important feature in deciding between two comparable properties for Millennials. Make sure that your building offers 24X7 connectivity to buyers and tenants. Most companies look for uninterrupted internet before relocating their offices in any commercial complex.
Grab Their Attention
Be tech savvy and have presence on most of the social media channels. If you are targeting Millennials as your customers, expect them to reach you through unconventional means such as instant messaging or email rather than giving you a call and fixing an appointment. Maintaining an interactive website to make sure that you are able to create a good impression on the minds of these tech savvy individuals. Millennials love images and interactive videos. Having an app is a great way to remain connected with Millennials all the time.