The millennial generation continues to grow and influence the state of the workforce, economy, and—not too surprisingly—the commercial property industry. The rise of the Gen Y is gradually reshaping the concept of office spaces, from abandoning cubicles and choosing open layouts to going high-tech and eco-friendly. All of these changes are catching on, with baby boomers and Gen X adapting to what millennials consider the norm.
With more millennials entering the labour force and setting off on new business ventures that occupy commercial spaces, you, as an investor, need to pay more attention to this demographic to maximise business opportunities. Experts from McGees explain that understanding who these people are and what matters to them is a crucial part of positioning your properties in the best light.
Power of Mobile
One thing that makes millennials distinct from other generations is that they are always glued to mobile devices. These people are highly dependent on smartphones and tablets and do almost everything on the said devices—paying bills, shopping, and yes, even finding commercial spaces for their business.
It’s not enough to market on traditional platforms like print, TV, or radio. You need to have a strong exposure online. You are missing out on potential opportunities if you have yet to invest in mobile marketing.
Consistency of Connectivity
We now have a more mobile society that the line between work life and down time does not matter anymore. Because millennials are always connected, they finish work or check their emails even when they are home or on the road. Work is not restricted to the traditional 8-5 schedule. As a result, millennials are looking for property managers whom they can reach even outside office hours.
Technology of the Changing Times
As mentioned earlier, millennials prefer doing business transactions online. It is faster and more convenient—and this demographic is wired for this particular type of activities. It is for this reason that there is a greater need to offer online options, like account access or payment portals. Otherwise, you will lose them to property managers who keep up with technology.
Millennials are filling up commercial spaces and driving demand for more properties. They bring more investment opportunities to you, but the question is, are you ready for them?