The Millennial Work Pattern Is Becoming Commercial Real Estate’s Ally
Urbanization is happening steadily as "millennials" and "Gen-X'ers" are becoming attracted to the "attractive and convenient" city life. Forbes reported that while their parents preferred a simple and quiet life in the suburbs, these children prefer a fast-paced environment.
Cities are also responding by giving them renewable and green neighborhoods, two qualities which have also become big with this generation.
More residential real estate had sprung up while overall infrastructure improved as more and more people from this generation moved to the city to work.
Millennials make up a large chunk of the workforce today and are the ones who embrace the "gig" type of work arrangement the most. This made SMEs and corporations think more about the workspace arrangements and locations that the generation preferred.
Most of these corporations have adjusted to this thinking, with a lot feeling that they need to accommodate both a full-time staff of workers and a growing number of workers who value a contracted type of work arrangement.
These workers prefer freedom-they may be physically in-office at times but are not regularly at the office.
The gig economy is only starting to heat up too. There is a battle between California lawmakers and gig companies such as those in the ride-hailing sector. KTLA reported how these companies are using gig workers to advance their businesses in the same old-fashioned way, labeling them as "feudal workers."
Lawmakers are proposing a bill that would secure the tenure of these employees, giving them entitled benefits like wages and other similar rights. It is also directed at food delivery and ridesharing companies that are new to the industry like DoorDash and GrubHub while creating exemptions for other industries. These tend to be in the traditional industries and for traditional work titles such as doctors, real estate agents, and even hairstylists.
How it would affect the gig worker or their way of living is unknown. What's known is that a lot is needed to accommodate the gig worker's choice of living space as well as their workspace. They need a place that's accessible, available on an as-need basis, digitally secure, comfortable, and attractive.
Combining all these factors with the fact that the gig worker's schedule is different from the normal 9-to-5 employee is the key to understanding how to create a gig workspace. For one, times are changing in how real estate players will provide space for these next-generation workers.