The way the Millennial generation prefers to live, work and shop is shaping commercial real estate design, according to a report by Commercial Property Executive. CPE observes that commercial real estate projects are increasingly geared to meet the preferences of the Millennial demographic, which is now the largest cohort in the nation. Here are the highlights!
Office design: New office developments are frequently including pre-wiring for Wi-Fi, along with space for game rooms, lounges and nap rooms. Other amenities include package pick-up and drop-off areas, since many employees have online purchases shipped to the workplace.
An office trend that may soon change due to Millennial preference, is the open work environment. While offices without cubicles remain popular, an Oxford Economics survey shows that 50% of Millennial respondents complained about noise and interruptions in open work areas. Increasingly, Millennials are seeking private workstations to enhance job focus, while still desiring common areas for brainstorming, collaboration and social interaction.
Retail Design: To compete with online merchants, brick-and-mortar retailers are thinking outside of the “big box” to attract Millennial shoppers. Retail design is trending towards flexible space that can accommodate in-house fashion shows, cooking demonstrations, wine tastings and product tryouts. Millennials are seeking a shopping experience that is inclusive and entertaining. This poses a challenge to discount stores that focus on price alone to attract shoppers. Conversely, service-oriented, niche retail is poised to thrive.
Residential design: Millennials have a strong affinity for convenience, and they are willing to accept smaller living space in return for upscale amenities and desirable urban neighborhoods. They are also willing to pay a premium for preferred locations, accepting higher rents per square foot. New residential complexes are offering bicycle storage and parcel handling services to appeal to Millennial tenants.
Overall, having the right Boston Metro location is a critical part of attracting Millennial employees, customers and renters!
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