Research concludes that millennials have similar attitudes as previous generations.
Recent research conducted by real estate firm CBRE has revealed that millennials are not too different in their approach to work and life than some may be led to believe. Their report, Asia Pacific Millennials: Shaping the Future of Real Estate, looked at a number of factors of how this generation live that could influence the future of property.
Despite many thinking that millennials prefer informal employment, they still want to have a secure career even if they change jobs on a regular basis. There is a still a desire to save money in order to put a roof over their head, however 63 percent of respondents said that they were forced to rent before climbing onto the property ladder. 65 percent said that they plan to buy property in the future.
Regardless of rising property prices, millennials are not willing to compromise with second best when it comes to their home. Location, layout and quality remain as top priorities and something developers should take heed of. Likewise, millennials are not willing to settle for a company with a sub standard environment as the actual workplace is of paramount concern with many millennials willing to trade in other benefits in order to achieve this.
Steve Swerdlow, chief executive officer at CBRE Asia Pacific commented, “The millennial demographic in Asia Pacific is a game-changer for businesses across the board. Their live, work and play priorities and habits will shape economics, redefine opinions on workplace design and functionality, and drive new attitudes towards consumption and experience for the foreseeable future.”
Both developers and landlord of residential and commercial space should take note of these habits in order to remain competitive now, and in the future to come.