What Commercial Developers Need to Know to Attract Companies with a Millennial Workforce

Commercial Real Estate|Real Estate Marketing|Thought Leadership|Trends|

The Pew Research Center marked 2015 as the first year in which millennials made up the largest portion of the workforce, making this demographic group the focus for many real estate commercial developers. Both new and remodeled buildings need to include essential elements and features to attract companies with a Millennial-dominated workforce in order to convince them to select their commercial property over the competition.

 

An Open Floor Environment

The New York Times says that the amount of square feet per worker decreased from 500 in the 1970s to 300 in 2010 and even less by 2015. This economic trend was inspired by the collaborative nature of this demographic group and their desire for engagement, synergy and innovation all within a free flowing open environment.

 

A Convenient Commute 

The shift from the traditional high rise building with the corner office to an easier morning commute is attracting more Millennials to companies in mixed-use and urban environments. Given their preferred methods of transportation like car sharing, bikes, Uber, walking and public transportation, developments incorporating  live, work, play advantages will continue to be popular choices for companies employing twenty something year-olds.

The Live-work-play Lifestyle 

Today’s typical workday looks very different from that of the past and often requires irregular hours and remote work days. The 24/7 younger mentality and multi-tasking personality of Millennials is being satisfied by adding amenities like coffee stations, well-stocked kitchens, game rooms, quiet spaces and “box” gyms that offer the latest fitness training.

 

A Social Office Culture

Business Insider found that 88% of Millennials look for a “fun and social” workplace and that 71% of them actually wanted their fellow employees “to be a second family.” Hosting various social events and opportunities for everyone in the entire building to meet will go a long way in making this generation feel connected to not only their coworkers but others they pass in the lobby or ride the elevator with.

 

A Rewards System

The Millennial age group expects feedback and praise in the workplace so why not embrace that desire by rewarding them when they frequent retailers and restaurants in your property.

 

Total Connectivity

Millennials are use to constant connectivity and use tablets, laptops and mobile phones to socially engage and research. They expect free high-speed internet anywhere in or near the workplace (inside and outside) and demand extra connective features such as USB charging ports and Virtual Meeting Rooms.

 

Eco-friendly Features 

When a company supports environmental or social efforts, Millennials are 3 times more likely to apply for a position with them. Energy efficient light bulbs, easy access to recycling and utilizing natural light are simple ways for developers and management companies to meet this need. More features to consider include vertical  gardens, recycled material used for floors and walls, and even renewable energy from solar panels or wind turbines.

 

Millennials want and demand certain features in their work environment and they will select companies that cater to their needs ultimately affecting the decision of owners on the best commercial office space to select in order to entice this younger generation. Understanding the demands of this dominating segment of the workforce is key to staying ahead of the competition and ultimately creating a property that will remain fully leased for years to come.

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