Commercial Investment Real Estate May/June 2017 - Page 20
Millennials drive the enhancement of amenities for industrial workspaces.
t’s no secret that the demand for creative work environments
is rising. Today’s ofﬁ ce tenants seek creative workspaces that
foster collaboration and innovation and are willing to pay a
According to a national ofﬁ ce outlook report by JLL, markets
with a large supply of highly amenitized creative ofﬁ ce space are
demonstrating explosive tenant demand and growth.
As ofﬁ ce tenants continue to clamor for creative spaces, many
industry experts are looking ahead and asking: What’s next on
the creative space horizon? The answer is industrial.
With creative ofﬁ ce product proving its worth nationwide, the
natural and inevitable next step is a wave of new, state-of-the-art
industrial facilities, which incorporate creative ofﬁ ce elements to
meet the changing preferences of today’s workforce.
In the past decade, there has been a huge transformation in the
way people work. The rise of the millennial workforce is prompt-
ing many employers to reconsider their work environments to
attract and retain top talent.
May | June 2017
The U.S. Bureau of Labor and Statistics reports that millenni-
als are the largest age group in the workforce and will comprise
approximately 75 percent of the workforce by 2030.
The millennial mindset differs from that of their predecessors
in several ways. First, today’s millennials place a greater value
on a company’s culture and demand creative environments to
support them in their personal and professional growth. Second,
they are more entrepreneurial in spirit and constantly seek new
opportunities for growth. The average employment tenure for a
millennial is approximately three years, according to the BLS.
These millennial tastes are driving changes across all indus-
tries, and industrial commercial real estate is the next frontier.
Like ofﬁ ce workers, industrial workers will begin to look for
creative, collaborative space to aid in talent recruitment and
retention. Speciﬁ cally, industrial employees, especially in the
technology, life sciences, and manufacturing industries, recog-
nize the importance of providing quality workspaces for today’s
As an example of their tremendous growth, life sciences users
account for nearly 33 percent of ﬂ ex research and development
COMMERCIAL INVESTMENT REAL ESTATE
by Adam Robinson