Research concludes that millennials’ goals are not to different to previous generations.
Real estate firm CBRE are known for their extensive research. Recent findings revealed that millennials are not too different in their approach to work and life than some are 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 path for property.
Whilst there is a common ethos that millennials’ attitude towards life is more relaxed, in fact they still strive to achieve goals similar to previous generations. A stable career remains important, but the actual place of work and its environment is ranked at the top of wishlists for this generation. As companies such as Google raise the bar for the type of office environment that they produce, there is definitely a trend that other companies are following their lead to help aid productivity and to attract the highest standards from the talent pool.
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.
There is a desire for millennials to own their own home even though property prices are increasing in many parts of the region. As such 63 percent of respondents in the survey said that they were forced into a position of having to rent, and 65 percent are planning in the future to own their property. Factors such as location, quality and layout are important, so developers should take heed of these when building homes for the future.
