Who makes up the largest generation in the U.S. workforce? If you guessed Millennials – you are correct! Not only are they the fastest-growing generation, but their outlook on employment, marketing, living conditions, and values is vastly different from their predecessors.
I recently came across a powerful video that struck a chord with me as a team member of a multi-generational company. It boggles my mind when individuals are tagged with stereotypes just because of their age, yet most of us are guilty of this every once in a while – no matter the generation:
So, how is the Millennial workforce affecting real estate? Here are three core impact areas that matter to the Millennial generation:
Access to Technology:
Access to technology will continually provide innovation and utilization for the real estate industry. For example, the need for large retail, industrial, and office showrooms will fade away and be replaced by online apps. Technology advances continue to evolve with online rental payments, marketing, virtual property tours, and communication.
Who needs the financial limitations of private offices when a majority of the workforce appreciates the ability to collaborate, interact with others, and share technology platforms? Professionals are typically no longer sitting at single workstations or in private, window-lined offices. Instead, design teams are starting to create space to accommodate the tasks at hand. Collaboration and social interaction reduce the overall real estate footprint and fit each employee’s and team’s flexible work schedules.
The real estate industry has exploded to provide mixed-use developments (retail, office, and live/work lofts) close to city amenities and attractions. Millennials and other generations have now joined forces to take advantage of the ability to live, work, and play, all in one neighborhood.
So, tell me, what generation are you? Are you currently faced with any multi-generational within your workplace? Feel free to send me a note at firstname.lastname@example.org.