The millennial demographic is a source of fascination and sometimes confusion. It includes people between the ages of 21 and 35, and it’s a group that is having a huge impact on how businesses are marketing and operating. This is a generation of consumers who expect innovation and flexibility. Most of them have never been without a smartphone.
When your commercial property is primarily offices, your goal is to retain your current tenants while appealing to new tenants, such as millennials. While a fresh coat of paint and some new flooring was once all you had to do, it’s time to think about different types of upgrades and improvements. Your millennial tenants won’t necessarily care as much that the beige paint looks crisp; they are more interested in technology upgrades you are making.
Collegiate and Communal Work Spaces
Forget cubicles. Forget a suite of offices. Millennials like to collaborate. Open space offices are especially attractive to this generation. This doesn’t mean you should pile everyone into one big conference room. Think about what a college dorm lounge looks like. Groups should be able to gather in different parts of the office to work together. Employees should also have the option of carving out some solitary space when they need to focus on independent projects. The furniture should include sofas, yoga balls, and mini libraries. The space must be flexible and functional to attract these tenants.
Tech Upgrades are Crucial
Companies looking to attract millennial tenants are going to need instant and creative access to technology. Smart thermostats that adjust to the time of day and the season are a great investment. Some of them can operate remotely or through Wi-Fi and integrate with other office functions. Another energy efficient upgrade involves lighting. Occupancy sensors that turn lights on and off are a big deal, and many millennial employees are going to prefer natural light. The younger workforce will also look for things like smart boards and connected whiteboards. Make sure your office space is designed to provide these things, and then market your tech upgrades through advertising efforts.
Sustainability will Sell Office Space
In addition to technology and flexibility, younger workers are socially conscious, and environmental responsibility is important to them. Showing you use energy efficient products and sustainable materials will make your office space more attractive than other commercial properties. Make your building as green as possible, and be willing to show how you’re committed to a smaller carbon footprint.
Investing in these upgrades will not only make your property more attractive to your millennial tenants, it will also make you more modern, cost-effective, and progressive. You’ll save money in the long term on maintenance and energy costs, and you’ll have no problem attracting new tenants.
If you have any questions about how to implement these changes, please contact us at Latter & Blum Property Management.
Latter & Blum Property Management, Inc. is the property management arm of Latter & Blum, Inc., the oldest and largest real estate firm in the Gulf South. An Accredited Management Organization®, we manage commercial, multifamily, and residential properties in cities across Louisiana and Mississippi—and we’re constantly expanding to new areas.