Millennials attitudes to work and home life is not that different.
Despite the illusion that millennials have a ‘live for today’ attitude, according to research carried out by real estate firm CBRE this is not the case. Their findings in their report, Asia Pacific Millennials: Shaping the Future of Real Estate, concluded that this segment of society are still keen to save money and purchase their own property.
Over the years property has become a lucrative investment asset making it harder for some people to climb onto the ladder due to rising prices. This has however not deterred the millennials as when asked 65 percent stated that they still intend to purchase property in the future despite 63 percent being pushed into a position to rent whilst they saved sufficient funds.
Despite the attitudes to home ownership being consistent with previous generations, the approach to employment differs in the workplace environment. There is still the desire to have a stable career, but factors aside from the actual job role are even more important. For example, the environment is a main concern and many millennials trade in other benefits in order to secure 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.”
The real estate world should take heed of these desires as they will help to determine residential and commercial property in the future. Millennials have said that they are not willing to compromise on the type of property they buy, so it is important that developers still consider location, layout and quality. Likewise, office space needs to adapt in order to attract companies who are aiming to recruit millennials.