Market News

It seems that everywhere you look today, it’s almost impossible to avoid hearing or reading stories about Millennials. We have all heard about how they are making huge strides and taking the lead in business, politics, real estate, philanthropy, and more. But what you might not have heard or noticed is Millennials are even shaping your grocery store.

That’s right… the grocery store.

Like the Baby Boomers in their day, Millennials are the largest proportion of any generation in the United States, and they are bringing their unique characteristics and viewpoints with them. The result? A world completely reshaped by this up and coming generation.

Just how are Millennials shaping today’s world, beginning in the freezer aisle? Read on to find out more.

Frozen foods are suddenly hot again (no pun intended) and Millennials are the ones creating this trend. After declining for several years, the freezer aisle has suddenly become a hot spot in today’s grocery stores. Everything from breakfast waffles to frozen dinner entrees are rising in popularity, even though they seem to be a far cry from trendy foods, such as kale or quinoa.

So why are Millennials flocking to the freezer aisles? Even with their particular tastes, Millennials are embracing frozen foods, which are more convenient and much less expensive than takeout or eating out and offer portion control that is hard to match anywhere else. And, for the first time in five years, the volume of frozen foods sold is growing, with sales estimated at upwards of $53 billion.

So, if Millennials are having this type of impact at the grocery store, what kind of changes are they making in other historically traditional industries, such as commercial real estate?

Millennials and Gen Xers are already making their mark in commercial real estate at a time when it is needed.  The National Association of Realtors Commercial Member Profile reported the median age of a commercial real estate agent as 60 years old (whew, I’m just under), prompting companies throughout the industry to seek out young professionals, including Millennials. And they’re bringing with them their ideas of work life balance, work space, and more, new ideas, forcing the industry to evolve.

Here are 3 ways Millennials are impacting commercial real estate, and we are seeing this in Bloomington as well:

1. Working remotely

More than any generation before them, Millennials are pushing their employers to allow them to work remotely. In fact, in 2017, more than 75% of Millennials reported wanting the ability to work when and where they see fit. And not only do they desire this flexibility, they also feel that it boosts their productivity. As telecommuting technologies become better and better, remote work will become more feasible for more workers, promising to change corporate culture throughout various industries, including real estate sales.

2. Fluency in technology

Millennials are the generation most fluent in technology to date. And, as these younger workers continue to join the ranks of other commercial real estate professionals, the industry will increasingly feel the pressure to adopt new and emerging technologies. Technology will be a game changer and will change how we deliver information to our real estate community.  The generation gap in technology is evident and will continue even when the Millennials are in their 60’s.

3. Redefining the workspace

When working from the office, rather than working remotely, Millennials have very different ideas for workspaces than the previous generations. Rather than closed off offices, Millennials tend to prefer open and shared spaces that allow for collaboration. And, as a result, they are forcing the real estate industry to rethink space concepts more than ever before.

As Millennials continue to make up an even larger portion of the workforce, these trends on shopping, work space, and leisure will likely continue to force changes in the commercial real estate markets.