Millennials are reshaping the

Commercial Real Estate Market

 

Millennials are the individuals born between 1984 and 2004.  Today, Millennial's 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 the Silicon Valley and the smaller hubs like in Madison and Charlotte are almost entirely driven by this generation.  Millennial's happen to be the only generation that has had access to the facility of internet all its life.

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 then that the preferences and requirements of these men and women are shaping the contours of commercial real estate across the country.  If you are into 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 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 space so as to encourage free communication and collaboration.  No more meeting rooms and private offices for these men and women.  This trend is fast catching up with the 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 of sunlight.

A shift to major urban centers

Millennials are know 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 to their workplace or shopping an dining facilities.  The property would be within walking distance or at least situated within minutes drive from workplace and other important amenities.

They need to be connected all the time

Connectivity is the most important feature in deciding between two comparable properties for Millennials.  Make sure that your building offers 24/7 connectivity to buyers and tenants.  Most companies look for uninterrupted internet before relocating their offices in any commercial complex.

Be there online to 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 setting an appointment.  Get a beautiful and highly 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.