staffing

3 Ways the Largest Generation You’ve Hired Will Change Real Estate

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.

Collaborative Environments:

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.

Urbanization:

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 jdunlap@mckinneyadvisory.com.

Sources:

http://genhq.com/faq-info-about-generations/

http://www.marketingteacher.com/the-six-living-generations-in-america/

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Bilingual Post: What Are the Benefits of Moving Your Business to Mexico?

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In the past, many US companies had seen Mexico as a destination for their manufacturing operations. Recently, there has been resurgence of demand to move operations to Mexico in a variety of industries, including, but not limited to, the automotive, aerospace, and pharmaceutical industries. Why? Continue reading “Bilingual Post: What Are the Benefits of Moving Your Business to Mexico?”

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How Is the New Flexible Workplace Revolutionizing Parking Needs?

With the steady influx of millennials in the workforce, companies must adapt in order to appeal to the evolving employee culture by creating flexible workspaces that increase collaboration and socialization. For commercial real estate advisors, this workplace evolution has created a new challenge: a lack of parking accommodation to the flexible workplace. Continue reading “How Is the New Flexible Workplace Revolutionizing Parking Needs?”

How Can Retailers Most Effectively Pioneer New Markets?

How Can Retailers Most Effectively Pioneer New Markets?

Growing up, my father, an experienced commercial real estate developer, would tell me the three most important things about retail: location, location, location. Now, as a commercial real estate advisor, I know that this is a broad, but true statement. Retailers, here are some considerations to keep in mind when pursuing a new location or market. Continue reading “How Can Retailers Most Effectively Pioneer New Markets?”

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Is Your Broker Exclusive? 3 Things You Need to Know About Tenant Representation

Commercial real estate is about building relationships. The conventional brokerage model focuses on building these relationships by representing both sides of a transaction, assisting both tenants/buyers and landlords/sellers. The tenant representation model uniquely focuses on building relationships with tenants to eliminate conflicts of interest. As a decision-maker for a company, you may want to consider, “Will my broker protect my interests, even if it puts their relationship with the landlord at risk?” The tenant representation model protects companies’ interests more than the conventional model – here’s why. Continue reading “Is Your Broker Exclusive? 3 Things You Need to Know About Tenant Representation”