No doubt about it, Generation Y, or “The Net Generation,” has forever changed the way corporations approach marketing. Products as pedestrian as a canister of salt have a Facebook logo on the label. Taco Bell is among the first to use a new social media video application called “Vine” that requires a 6-second attention span.
Understandably, we may see significant changes in residential and commercial property marketing as this generation comes into prominence.
The numbers are too big to ignore. By the year 2020, there will be roughly 80 million Millennials in the country. Anyone planning multi-family construction or redevelopment must take Generation Y into account. Here are a few facts that I’ve pulled together from the New England Business Journal and the Los Angeles Times, as well as from other sources.
1. Generation Y is graduating college with more student loan debt than any prior generation. At the same time, wage scales, when adjusted for inflation, have been fairly flat. A Pew Research study states that most graduates have $27,000 worth of student loan debt, and about 10% of college graduates have $60,000 in student loan debt. About 3% of them have $100,000 in debt.
2. Generation Y expects better treatment from employers. While they are career-minded, Generation Y is quick to move on if they feel their needs aren’t being met.
3. Generation Y is in no hurry to leave home.
4. Generation Y is in no hurry to get married, start a family, or buy a house.
5. With more information at their fingertips than any prior generation before them, Generation Y questions everything. At the touch of their cell phone screen, they can send out a query to a social media site about any situation and get back advice from dozens, even hundreds of people, in a matter of minutes. Their sphere of influence is unmatched.
Where does this leave commercial real estate in the Boston Metro Area? Actually, it leaves us in pretty good shape, if investors and property owners understand how to market to this highly-mobile, well-educated, technically astute consumer!
Generation Y has different ideas about what’s important in life. As renters, they won’t be looking for granite counter tops and stainless steel appliances. Instead, they will be looking for a small, efficient apartment they can afford – preferably one that puts them in close proximity to public transportation, restaurants, and social opportunities. As entrepreneurs and employees, they will be readily open to relocation. As customers, they will check your business reviews online – and comment online about their own experience as well.
Boston’s colleges and universities make the Boston Metro Area a magnet for Generation Y. The opportunties are excellent for the investor, business owner and property owner who understand this influentual demographic.
Are you ready to relocate, begin, or expand your business in the Boston Metro Area? Let me be your guide to the best locations, buildings types, property leases and purchases! As your experienced commercial real estate agent in Boston’s Metro area, I will help you with cost analysis, site selection, and all the details that require consideration. I will help you find the ideal location for your business purposes and budget!
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