MADISON, NJ— Coldwell Banker Commercial Affiliates released a survey this week challenging some recent academic research about the differences and similarities of where and how Millennials (ages 18-34), Gen Xers (ages 35-49) and Baby Boomers (ages 50-69) prefer to work.
As more Millennials finish school and move into the workforce, the commercial real estate industry is being challenged by the unprecedented situation of having three different generations in the workforce simultaneously. Work-life preferences have been driving a substantial shift in office development strategies away from traditional suburban office parks to redevelopment of urban industrial properties, revitalizing inner cities and driving downtown retail business development.
As previously reported exclusively by GlobeSt.com, demographers like James W. Hughes, dean of the Edward J. Blaustein School of Planning and Public Policy at Rutgers University, have found that Millennials are less interested in working in suburban office campuses, and generally prefer work environments in more edgy urban environments close to housing and socially oriented retail businesses like brew pubs, coffee houses, and bistros. Hughes is the co-author with Rutgers Prof. Joseph Seneca of the Rutgers Regional Report, “Reinventing the New Jersey Economy: New Metropolitan and Regional Employment Dynamics,” which laid out some of the shifts in office preferences.
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