There are several reasons for this, and the most obvious one is that Millennials—being the largest group in the workforce now—are more laid back, and without a doubt that is the attire du jour for them. One of the other reasons is that the industry has really had to evolve to cater to the tenant base, and that culture is more rampant in tech environments. In the Bay Area, asset and property managers dress down when they're going into their tech tenants' space like LinkedIn or Google. If they went in there in their grandfather's or dad's attire from CRE 10 or 15 years ago, they'll be looked at as, “Why is the FBI here?” They have to adapt or change. Similarly, if they're visiting a law firm, they can't go in board shorts and a T-shirt. They need to match the attire with the tenants' culture. But, with a majority of the tenant base going to relaxed attire, they need to adapt to cater to their audience.

GlobeSt.com: How do Millennials view dressing in the workplace, and do their preferences work for or against them?

Elliott: I think their preferences largely work for them, and that's because they're the largest segment of the workforce and the employer base with some exceptions has to adapt or they're going to lose out on a good portion of the employee base. There are always your holdouts of Irvine Co. and KBS, and even some of the major brokerage firms—the CBREs of the world—where white shirts and dark ties still reign. If I'm going to the Pacific Club, I'm going to see the leadership of CBRE having lunch in dark suits and white shirts. It's more that fact the leadership at the top has been around for a number of years, and that's what they're used to and that particular aspect of their company is not going to change. It's who they are and what they stand for, and it's a deliberate attempt for them to maintain the status quo. There will always be the outliers. But you also have the outliers on the other end of the spectrum, where they've adopted flirting with more tech-type attire. It's a similar number on both ends of the spectrum, and the vast majority has moved toward the center.

GlobeSt.com: What do you see happening to the traditional suit and tie in this industry over time?

Elliott: I don't see it completely going away. If people are going someplace and need to dress up, they will do it. For example, at Allen Matkins' holiday party or at View from the Top, you'll see the vast majority of male attendees will still be in a suit for that type of event. They might take off their tie to be a little more relaxed. You've got to dress to the event, and that's something where I'd see traditional conservative real estate dress. But you might see some suits without ties and slacks and shirts whereas. years ago, it was a full-suit type of event.

GlobeSt.com: What else should our readers know about “trendy” candidates?

Elliott: From a candidate perspective, if you don't know what to do, overdo it. If you're going on an interview with a company, and you're just not sure—lean more toward the formal. One way to stand out and express your personality is with something like socks—over the last five years, socks have gone from pretty much solid black or blue to almost anything goes, within reason. Nine out of 10 male CRE executives are wearing funky socks with some creativity to them.