Research reveals that millennials have similar aspirations as to previous generations.
Real estate firm CBRE has carried out a study, Asia Pacific Millennials: Shaping the Future of Real Estate, to assess the way that millennials aim to achieve their goals through work, life and play. The results of which developers should take note of as millennials will shape the future of residential and commercial space dependent on how they decide to live their everyday life.
Whilst there is a common notion that millennials have a more carefree approach to life, the research concluded that they still have a desire to own their own home. This is even taking into account rising property prices which is making it harder for some people to climb onto the property ladder.
When questioned as part of the survey, 65 percent planned to buy a property in the future, with 63 percent saying that they were forced to rent in the meantime. Regardless of constraints, millennials still strive for property that meets their requirements in terms of quality, size and location and will not settle otherwise. This increases the numbers in ‘generation rent’, the term coined to define those who have to rent as are not in a position to be able to afford to buy property.
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.”
At work there is still a desire to have a stable career. Millennials however care more about their environment at work as this becomes a top priority when seeking employment. Both landlords and companies should consider this when trying to remain competitive and take their pick of the talent pool.