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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:
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.
Technology Considerations
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