How to Attract a Younger Generation of Tenants to Your CRE Property
Commercial real estate (CRE) rents and revenue is on the rise, according to IBISWorld, a company who shares business information and market research on thousands of industries worldwide. CRE vacancies are low, as well. It’s a great time to invest in CRE, especially since revenue continues to increase each year.
To keep this growth, CRE investors need to understand the needs of the targeted markets, including the younger generation who are starting to make up a bulk of the workforce and owning more businesses.
Younger generations are looking for more modern workplaces that are “green” with the latest technologies, including high-speed connectivity. Younger tenants are looking for creative spaces that offer a place where collaboration is encouraged, which means more meeting spaces and fewer cubicles and workstations. Open floor plans, large conference spaces, social spaces, and quiet spaces are all in demand.
Younger generations are looking for spaces that are close to public transit, closer to bicycle routes, and popular neighborhoods and areas.
The green building market is growing and is predicted to continue to grow; a sustainable building can be beneficial to the operating costs of the property. Tenants appreciate energy-efficient lighting heating, windows, and more.
CRE building owners are offering more and more on-site building amenities to stand out and appeal to younger audiences. These younger tenants are looking for on-site dining options, fitness centers, exercise classes, retail options, parking and more.
Younger tenants are looking to be engaged more with owners/landlords, which can happen through weekly newsletters, activities, social networks for the building’s tenants, mobile apps for the building, and more.
To attract more tenants, security in the building is important, whether it’s a doorman, guard, cameras, well-lit parking lots and paths, key-card access, alarm system, etc. People want to feel safe and protected.
The newer, younger generation of tenants are expecting and demanding more and different things than older generations such as amenities, green spaces, communal workspaces, and high-speed internet connectivity.
Depending on the type of property you invest in, some of these above items will be easy to implement while others may take more work or are not possible in your property or budget; however, it’s important you add what you can to appeal to the newest generation of tenants to stand out from the competition.
Looking for Commercial Real Estate Property for Sale
Our team at HOWE Real Estate can help you find the right CRE investment to attract the newest generation of tenants. At HOWE Real Estate, we are a team of CRE brokers and commercial real estate experts who look forward in helping you find a CRE property with the right items (or possibility to add items) to attract the right kind of tenants. We have extensive experience in the CRE market.
At HOWE, our ability to get creative with new solutions to old problems has made us a leader in commercial real estate. Our commercial real estate brokerage, real estate development and consulting services across all market segments. This includes retail, industrial, office, investments, land, mixed use, development and multifamily.
Let our team of professionals at HOWE Real Estate help you get started on looking for a commercial property for sale. We work with buyers, sellers, lessors and lessees across all property types. To contact us, send us an email or call 502-890-4475.
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