Australian Millennials: Shaping the future of real estate
Millennials currently account for 35% of the Australian workforce and are set to reach 40% by 2030. This emerging workforce is guiding much forward thinking for employers and is redefining real estate occupancy requirements. There have been many preconceptions about millennials, some are true and some are false.
Key findings about Australian millennials (from our broader CBRE Research Global Millennial Survey) suggest the following:
A preference for F&B and retail experience. Retailers and property owners need to consider these behavioural preferences when designing/managing their centres.
Opinions on work, not what they seem. Like previous generations, they want stability and opportunities to develop their skills. Close to two-thirds of millennials expect to work for the same company, or for a small number of companies, throughout their career. However, they factor in lifestyle elements such as office design, meaningful “relationships” with their colleagues and managers, and flexible working.
Office layout and environment are important too. While preference for new amenities are common across all generations, it is the strongest for millennials – this includes more greenspace, wellness/relaxation facilities and games rooms. However, it appears that millennials are happy with the amount of end of trip facilities provided – showers and bike racks.
Like previous generations, millennials aspire to own their own property. However, housing affordability is an issue for Australian millennials, forcing them to rent instead.