User Experience is the Key to Retaining Millennial Loyalty in the Commercial Real Estate Space

Millennials

Commercial real estate (CRE) is a booming industry and ever-evolving, especially as the millennial generation moves into the workforce. Catering to the millennial workforce is certainly a challenge, but CRE professionals have massive opportunity. It’s imperative they shift their energy from the capital and physical property owners to focusing on how well a property operates and runs for its tenants. This is the key to success.

The most tech-savvy and highly educated workforce ever, millennials will represent 50% of the global workforce in 2020 and 75% by 2025 … It will be the companies that develop and foster the best CRE user experience that will get ahead. Remember that Uber doesn’t own a single car, and Airbnb doesn’t own a single apartment – what they do own is their user experience, and it has redefined traditional industries.
— HqO

But what do millennial tenants want? According to one study, 72% of the millennial population has prioritized experiences over owning material things. This means CRE professionals need to create a lasting experience for their tenants to encourage tenant loyalty.

CBRE Group, a commercial real estate services and investment firm, published interesting research last year ranking the amenities millennials craved the most. At the top? Wellness facilities. Luckily, the study also ranked employers’ top five amenities they plan to add, and 21% are prioritizing wellness facilities. CRE professionals can get ahead of the game by offering their tenants on-site wellness options like yoga classes and healthy lunch-and-learns. Chasing Nirvana Yoga is one company offering on-site wellness services, and tenants are reacting with such enthusiasm that property owners are rushing to add more classes to their weekly offerings.

This article from HqO takes a fascinating look at what millennial tenants desire and how CRE professionals can offer them what they need right there in their work or living space. It’s clear health and wellness are top of mind for both employers and millennials, and by offering community amenities in this space, CRE professionals will have an excellent chance of retaining tenants and succeeding in this landscape.

Is your workplace or living facility offering on-site wellness classes? Visit www.chasingnirvanayoga.com to learn more about your options!