The death of the shopping center has long been lamented but a Colliers International report…
As every generation arrives at adulthood, they bring with them an overarching shift in culture and lifestyle. As Gen Z looms ever larger in American life, the changes they bring in the realm of commercial real estate may seem subtle right now but have the potential to be seismic. This generation is focused on people, the environment, and technology.
From Cube to Coworking
Gen Z has a strong sense of community and for them, work/life balance is really important. Working remotely is becoming more common across industries and including commercial real estate development, both because it advances Gen Z work/life balance goals and also recognizes the environmental impact of commuting to an office every day. Instead of traditional office buildings with smaller offices and cubes, Gen Z is more likely to appreciate coworking spaces for gathering.
An Emphasis on Tech
If you thought commercial real estate development deals move fast now, wait until your workforce is full of Gen Z professionals. They grew up with technology and place a high value on their ability to get things done, and quickly. Technology tools that advance a commercial real estate developer’s work will become more common. That emphasis on tech will spill over into the actual real estate development, too; Gen Z expects that building are equipped for current and anticipated technology needs, and that will factor into development work.
Rethinking Brick and Mortar
While no one is assuming that brick and mortar stores are going away, Gen Z places a higher importance on experiences over things. As such, the nature of commercial real estate may change dramatically. A full complement of products isn’t necessarily the future of a retail shopping area when Gen Z is accustomed to shopping online and fast shipping. New restaurant models may need to reconfigure the ratio of dining room to kitchen space because of Gen Z’s comfort with ordering food for delivery so that they can enjoy meals at home with family and friends.
Contact a Commercial Real Estate Firm in Denver to Reach Gen Z
Every generation brings with it new challenges and opportunities for the status quo, and Gen Z is no different. As they make their mark on American life, Denver will be no exception, and neither will commercial real estate development. By striving to meet their needs and wants, commercial real estate development firms will have to be creative and adaptable. Contact CenterPoint Integrated Solutions today to reach Gen Z with your next commercial real estate development project!