Workplace innovation-what are corporations doing to attract top talent? As millennials flood the workplaces, companies have to have spaces that fit their needs. Todd Burns and Scott Boer, both of JLL, discuss what they seeing happening in corporate facilities in October's issue of Commercial Property Executive:
By 2020, Millennials are expected to make up half the workforce—more than all other generations combined.
Gone are the days when banks, drugstores, dry cleaners and shoeshine stands were the favorite ground-floor amenities in big-city office buildings. They’ve been replaced with cafes, restaurants and other retail amenities. Much of that can be credited to young workers born between the mid-1980s and the early 1990s. For better or worse, Millennials are exerting a profound influence on the workplace.
Part of this change is a matter of sheer numbers. By 2020 Millennials are expected to make up half the workforce, more than all other generations combined, noted Todd Burns, president, JLL Project and Development Services. “The loudest voice in the demand pool is the younger generation,” Haril Pandya, principal at CBT Architects, told Commercial Property Executive. “With Millennials’ access to social platforms, people are becoming more aware of what those demands are.”
And the demands are loud and clear: high ceilings, flexible configurations, sustainable features and open floor plans to encourage collaboration. As for amenities, Millennials favor café/pantry areas, gaming rooms, and multipurpose rooms designed to promote employee health, fitness and focus, explained Scott Spector, principal at the Spector Group, a New York City-based architecture, interior design and planning firm.
The younger set is also credited with helping reduce office vacancy, which has dropped 10.2 percent nationwide since the second quarter of 2011, according to JLL. Office owners and tenants alike are competing to accommodate Millennials’ much-discussed fondness for workplaces that offer open space and plenty of amenities. Tenants outlays for building out new space are declining in most major markets, as competing landlords are willing to pick up more of the tab. TI packages in central business districts typically range in value from $30 to $50 per square foot, according to JLL’s latest report on U.S. nonresidential construction.
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