It’s the effect of CBRE.
As Millennials are entering the workplace they are changing the dynamic. Previously, corporate office settings were office intensive style floorplans. The open layout is now king and employee amenities are winning new hires.
For years the executive offices, high cubicles, and windows lined with private offices was the design sought after by most companies. As millennials make their way into companies they desire a collaborative, high tech, and sustainable style of office. In order to obtain this new workforce and retain them companies have to shift their office layouts.
This new style of layout does make the space higher density use; which has begun to cause some parking problems. Typically here in Houston we have a 3/1000 ratio of parking spaces, but now you could have eight employees or more if you have seating areas versus private offices.
In a recent Forbes article they stated the average tenure of a millennial is two years which is a start comparison to that of the baby boomers which is seven plus years. A driving reason to change is they are not receiving benefits from work. If the amenities offered are not suitable to them they are going to find a company that does have those options. It is easy to work at home – what is hard is making the office a place your employees will enjoy.
Technology has a strong connection to millennials as well. Commercial buildings are being challenged with this growing demand in their infrastructure. Companies are moving away from the multiple conference rooms that you previously had to hook up all their equipment as meetings are becoming more mobile.
Millennials are renters. They want access to green spaces, good restaurants, and entertainment all while living close to work. This is leading to more companies moving away from the sprawling suburban campuses to more centralized vertical campuses.
Overall there are powerful effects Millennials will have as a whole, and companies that are not adapting to their effect on the commercial real estate side will be left behind.
SwiftLease agents are experts in helping small business locate and lease office space throughout Texas. No client is too small for us! Give an agent a call today at 713-623-2487.