“The results of this study clearly suggest that variety, choice, access and transparency—attributes typically associated with what millennials want—are indeed important, but not only for millennials,” said Georgia Collins, CBRE’s senior managing director for Workplace Strategy. “Our study found that most of these attributes are equally important to Generation Xers and baby boomers."
Millennials currently account for approximately 24 percent of the adult population in the U.S. and are projected to comprise the majority of the U.S. workforce by 2025. While this is causing many companies today to debate how to balance the needs of millennials with those of a more tenured workforce, the CBRE study suggests that the generational divide is more perception than reality.
The report—Designing the office of the future? Don’t plan it around (what you think you know about) U.S. millennials—includes other notable findings:
- Millennials are collaborative—they report spending approximately 38 percent of their time interacting with others—but Gen Xers and baby boomers are equally as collaborative. In fact, millennials report spending slightly more time doing individual-focused work than their colleagues from other generations.
- When asked what types of spaces would enhance a future workplace, millennials placed the most value on spaces that allow them to think and concentrate, followed by spaces to meet and collaborate and then by spaces for learning and training. Of least importance to millennials was space for socializing (although they still rank this as considerably more important than do their Generation X and baby boomer colleagues).
- Contrary to widespread assumptions, when asked how they would like to work in the future, millennials said they’d like to spend more time connecting via email and more time in formal meetings—and less time on company-sponsored social networks.
“These findings suggest that instead of putting too much focus on designing the workplace around millennials, companies would yield better results by designing a well-balanced office that will accommodate the varied needs of different job functions and different preferences of individuals, independent of their age cohort,” said Collins.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.