Millennials, young adults born between 1978 and 1996, are the new target for most marketing campaigns —in all industries. Baby Boomers have retired; no longer part of the huge workforce that has, for many years, been the group the businesses targeted. Millennials are fast becoming the 30 something’s who tend to drive the economy.
The same holds true in today’s office environment. Understanding millennial behaviors can help you understand the shifts happening in the office landscape, which will dictate what ways will work best for your asset rebrand.
First, millennials are much more socially conscious than previous generations. They are multicultural, single, close to 30% do not have children, over 30% of the workforce of today does not work a traditional schedule, and entrepreneurship is a characteristic of this generation.
New Ways of Organizing Office Space
Now there are office clients who are rebranding their buildings into something useful for this target group. One way companies are doing this is by creating shared office spaces. Multiple companies and individuals rent office space within a large commercial building for certain periods of times. Some will work during the day, some at night.
The virtual office is also creating a dynamic shift in the office landscape of today. Your clients must adapt to this change and get in front of the tide and technology plays a big part in it.
Office Spaces for the 21st Century
Young adults today are saying farewell to the cubicle mazes of a traditional office in favor of a more relaxed, flexible office space that adapts to their lifestyle. Office spaces that cater to the millennial workforce are finding inventive ways to attract talent to their businesses including installing incredible amenities for their employees in the office. Things like:
- Game Rooms
- Locker Rooms
- Exercise Facilities
- Basketball Courts
- Free Clinics
- Hair Salons
- Dry Cleaners
As the office space continues to evolve, so must your office asset. You’ll have to get creative and discover what millennials in your area are most looking for in a building; is it shared space? Is it a wide open industrial floor plan? Remember, millennials are not a solid block. Differences reflect region more than any other demographic characteristic.
5 Ways to Rebrand Your Office Asset
Your specific area will determine what type of rebranding your office client will need. Here are 5 suggestions for how to rework your image and services to adapt to the changing office landscape.
#1: Image Rebranding - Could a logo change, a slogan, your building façade or interiors be a good enough rebrand to bring in more tenants? Look for opportunities to appeal to the visual millennial group with quality websites and tech savvy campaigns.
#2: Service Rebranding - Maybe your building has outlived its use. Could you benefit from a service rebranding? You could try to attract a restaurant to your office space and perhaps a nail studio to bring in more tenants.
#3: Niche Rebranding - Perhaps you are only one of a dozen different similar office spaces on your block. Could finding a niche in your area help you to separate yourself from the herd? Talk to local business owners to find out if there is a need that is being unfulfilled.
#4: Neighborhood Rebranding - Is your building in a historic neighborhood that has lost its appeal? Maybe think of ways to revitalize it to its former glory or turn a rundown suburb into an urban oasis. You’ll have to think of unique ideas that fit your local area.
#5: Market Rebranding - Maybe your office client would do better to become a shared office space. You can gather more tenants and collect more rent without wasting valuable empty space. You may be the only one in your area doing it which will definitely make your asset stand out.