Millennial Tastes Continue to Shape Cultural, Professional Landscapes

Andy Farbman

Part 1 of 2 Farbman Group manages office, retail, multifamily and industrial space throughout the Midwest. GlobeSt.com recently chatted with the firm’s CEO, Andy Farbman, about what changes are areas for the CRE industry in 2016 in this exclusive two-part Q&A. GlobeSt.com: Each sector your firm manages has its own internal dynamics but what kinds of industry-wide trends are you seeing that will have an impact across the commercial real estate landscape in 2016? Andy Farbman: What’s particularly interesting to me about the state of commercial real estate today is just how many of the most influential and emerging trends are “universal” in nature. The continuing influence of the Millennial generation, for example, and the degree to which the changing tastes and priorities of this influential demographic is being felt all across the industry. GlobeSt.com: Tell me a little more about where and how you see that Millennial influence making its presence known. Farbman: As much as we talk about it and as much as we dissect and discuss the influence of this large group of relative young professionals, it’s still almost impossible to overstate how profoundly their tastes are shaping the cultural and professional landscapes, which is impacting the real estate environment. The growing popularity of shared workspaces, for example. That’s definitely a trend I expect to continue to grow in 2016 and beyond. I think the rise of co-working spaces demonstrates just how profound of transformation that the American workplace has undergone. GlobeSt.com: And you see that as a Millennial-driven phenomenon? Farbman: I do. I think Millennials have a lot to do with that evolution. Co-working and other shared work concepts–where employees are not employed by the same company, but work in the same space–have really become ubiquitous in cities across the region and around the country. They are especially popular with freelancers, start-ups, or those who may otherwise be working from home. It’s also interesting to me how the preferences that are driving those trends are also having an impact on traditional office environments, as well. There is less of a rigid corporate culture and more of a relaxed, collaborative atmosphere in many offices these days. In modern work environments, open work environments and shared conference spaces are becoming much more common, and many businesses are specifically seeking out and prioritizing flexible office spaces that afford opportunities to create those kinds of collaborative community workspaces. GlobeSt.com: And commercial real estate professionals are, in turn, beginning to design, develop and invest in those types of spaces. Farbman: Absolutely. GlobeSt.com: That’s definitely giving the Millennials a lot of credit. Farbman: To be honest, as much as we talk about them, I’m not sure we give them enough credit for their influence in shaping the commercial real estate marketplace. Check back in the next day or so for more from this interview, where we talk about another emerging trend for the Millennial audience.