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Leasing Office Space and the Impact of Millennials
To frame the question of what impact Millennials are having on the leasing of office space, let's define what we mean by “Millennials.” The Washington Business Journal ( WBJ ) study titled “The Kogod Greater Washington Index: Millennials,” published in January 2016, noted as follows. There are currently four generations in the workplace, with a fifth about to enter:
- Silent ' Born 1920-1945. 2.3% of the work force. Age 70 +.
- Boomers ' Born 1945-early 1960s. 28% of the workforce. Ages 50-69.
- Gen X ' Born early 1960s-1981. 34.1% of the workforce. Ages 35-49.
- Gen Y or Millennials ' Born early 1980s-1996. 34.1% of the workforce. Ages 20-34.
The next generation is “Gen Z,” who were born between 1996-2013. They, together with the Millennials, will make up over 50% of the workforce within the time frame of a 15-year lease signed today.
The time frames above are approximate, and the behavior of the members of each group is not, of course, simply generational but also a function of early or late adoption of technology (among other things). The Kogod Study found that Millennials want the same things previous generations wanted; to find jobs, pay their bills, experience career advancement. And basic human needs in an office do not change: shelter, light, good HVAC, plumbing, cleanliness and easy daily access. What does change is technology.
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