Millennials Follow Boomers Office Trends

According to a CBRE study, the millennial generation is not interested in the futuristic office design. CBRE evaluated more than 5,000 office workers in its “Designing the office of the future? Don’t plan around it (what you think you know about) U.S. millennials" survey and found millennials prefer privacy in the office environment.

The survey found the millennial generation office preferences are quite similar to the boomers preference. Developers have tried to convert the tech-friendly, urban-minded and smart-phone obsessed trends the millennial generation has become accustomed to into office space. They followed these trends in office construction by removing private offices and making office space more social.

Although the millennial generation enjoys break rooms to socialize in, the generation would prefer private working space. When asked how workers rank “spaces to socialize”, 17 percent of the older workers ranked it as important while 31 percent of millennials ranked it as important. Compared to the 17 and 31 percent, 50 percent of all ages agreed that “spaces to think and concentrate” are the most important.

CBRE’s study also found office assumptions of urban areas and telecommuting to be faulty. More than half of 20- to 34-year-old workers still live in the suburbs while big city millennials stay around 30 percent. Companies started to transfer to telecommuting believing it would increase productivity, but many companies that made the first transfer began reining works back to their office jobs. Instead of focusing on following the millennial trends, organizations need to focus on providing a balance of social and private work spaces and creating office space where workers want to come in. 

 

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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