CoreNet Global Summit, Seattle 2017
Seattle | 5 - 7 November 2017 | Washington State Convention Center

Gen Z: Influencing the Real Estate Footprint

November 7 2017 | 10:00 - 11:00

Gen Z: Influencing the Real Estate Footprint

As of May 2016, Generation Z entered into the workforce. Gen Z are defined as babies born between 1995 and the early 2000’s. Whether we want to see it, or not, Generation Z are making a large impact on the type of workplace and workspace we have. In recent years there has been a global move to more ‘open-concept’ and ‘collaborative’ work spaces within the office world as well as increasing expectations of flexibility on when and where work gets done.  Running a parallel trend, there has also been a dramatic rise in rental rates for offices in most markets. While companies are realizing the implications of a large R.E. footprint, and are subsequently revisiting their portfolio size with actual cost per square foot. It’s commonly known that industrial space costs significantly less on a number of levels. The overall rental rate of industrial space can be estimated at 20-25% of the cost of office space, and much more, the capital improvements needs to fit-out a warehouse are generally less. As rental rates increase and the flexibility of what an office space can look like greatens, we’re seeing a trend of moving office style working spaces into industrial warehouses. Along with expanding needs of corporations to grow their industrial footprint for manufacturing purposes, this trend is creating an increased demand for warehouse space. Understand what this means to the talent entering the workforce who is more focused on the workplace experience than ever before.

Key Takeaways:

  • Expand knowledge, through lecture and visual representation, on successful workplace redevelopments into industrial style office space.
  • Better understand the overall economy as it relates to the office and industrial facets of real estate.
  • Understand the upcoming generation’s (Generation Z) effect on your commercial real estate footprint.