Fact or fiction? Is the long-term impact of millennials on office space overhyped?
Millennials. I have heard the word so often in the context of “what is important in real estate” that I have started thinking it must be Latin for “location.”
Today, the conventional wisdom is the millennial generation is transforming real estate priorities and design. This group is going to live differently, shop differently, work differently and commute differently compared with any generation that has come before it. This month’s perspective is going to look at the “work” portion of that equation and speculate on some medium- and long-term impacts of the millennials, as well as some other specific factors relating to the office sector.
Living and working in the San Francisco Bay Area, I am at the forefront of three separate office-use trends: open floor plans, increases in amenities and more communal space/reduction in personal space. While there may be a number of motivations for these changes, these three trends are all said to be driven by millennia