Live/Work/Play: Where Will Millennials Be Leasing Office Space?
Millennials, or Gen Y, are those born between 1976 and 2001. They are over 80 million and will be fully half the workforce in America by 2020. A December 2011 blog post by Cornerstone Management Institute describes Millennials as “being raised at the most child-centric time in our history – the ‘My kid is an honor student’ generation. Perhaps it’s because of the showers of attention and high expectations from parents that they display a great deal of self-confidence to the point of appearing cocky. As you might expect, this group is technically literate like no one else. Technology has always been part of their lives….you’ve got to adapt to their communication style or they will find someone who will”.
These people are coming of age in a time when technological wonders have never been more commonplace, when education has never been as specific and hard-hitting and when overlap of generations has never been so marked. Previous generations segued into the next series of life experiences. As Gen Xers prepare to retire, Millennials are flooding the workforce. With different and more modern values, they are searching for work experiences on their own terms. As an example, the cubicles of yesteryear are stifling to a generation brought up on open floor plans and instant gratification.
To help you better understand what type office space Millennials will be leasing, an analysis of their point of view will help. Millennials are finding present employment does not foster their creativity nor engages the most part of their intelligence. Many will own their own businesses with other Millennials as partners instead of employees.
- Personal development is worth more to a Millennial than compensation
- Work/life balance is more than just words to these people, who coined the term “live/work/play”
- Diversity is actively sought, even if they have to found their own company to get it
- Career advancement often comes too slowly in established companies for Millennials with a personal schedule to grow into
- Recognizable brands mean more to a Millennial than just customer satisfaction. Millennials would rather work with (not for) a brand they trust
- Millennials are often uncomfortable working with those of a previous generation. Although they appreciate the mentorship, communication and exchange of ideas is often difficult
- As technologically developed as these people are, older workers are often intimidated by not only the technology but the younger generation’s knowledge and use of the technology
Leasing Office Space
It is due to this generation of workers that downtown office buildings all over the country are receiving much-needed facelifts or are being newly built. Dallas, for instance, offers more than 56 LEED certified office buildings, a thing that Millennials appreciate, with upwards of 55 million square feet of Energy Star rated office space. All in all, Dallas has over 250 million square feet of office space to offer Millennials. Many such buildings house not only offices but apartments, shopping, restaurants and parking for Millennials’ convenience, another thing that fosters their live/work/play ethic. There are many benefits to leasing office space.
No longer are offices in the burbs suitable for these young people. They want everything they want in one place or at least within walking distance. Theirs is a world of creative genius and their surroundings had better foster this or they’ll find somewhere else that does. That’s where Millennials will be getting their office space. Contact us for the perfect building in which to found your new company.