As a commercial real estate agent for Boston’s Metro South area, I work with business owners of all ages who are seeking commercial space. Because securing office space is such a large financial decision, I’m often given a glimpse in to how different generations spend money and notice what they prioritize. It’s my job to know what my clients think is important, which is why I monitor the economic trends evident for each generation.
This recent article from Forbes magazine struck my interest because it commented on how Baby Boomers, many of whom will be retiring soon, have actually been risking their retirement funds. The surprising thing is that the money being spent isn’t on frills. It’s on opportunities for their adult children, their mortgage, and, for many, the chance to open and run their own business after retirement.
The statistics show that the real income of today’s retirees and that of 20 years ago is really not that different. What has changed are their priorities. It seems that today’s Baby Boomer is all about education and providing opportunities for their adult children and themselves. They want to take advantage of things that they may not have had growing up. The costs of these necessities, however, are what has increased. Education costs have increased by 80% for 45-54 year olds. Expenditures on housing have increased by 25% between the years of 1990 and 2010. Due to the economic slump, more adult children have had to move back home with their baby boomer parents. The culmination of our society’s emphasis on education, home ownership and economic opportunity has caused many Baby Boomers to risk their retirement funds.
What’s also interesting is that many Baby Boomers, after deciding to retire from their life-long careers, want to put their retirement fund toward opening a new business. They want to invest their life savings on a dream. As a commercial real estate agent, I work with many people who want to make a career change later on in life and pursue their dreams. While this is a risk, it’s even more of a reason why Metro South area residents should shop local, small business venues. You are supporting a local family who needs to support themselves.
As a commercial real estate agent for Boston’s Metro South area, I monitor economic trends like these in order to best help my clients. When I work with Baby Boomer customers, I need to get a sense of their needs and what is at stake for them before recommending commercial space for their use.
If you have any questions about finding commercial space in Boston’s Metro South area, don’t hesitate to contact me! I’d be happy to guide you throughout the process. I hope to hear from you soon.