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Planning for the Future of Commercial Real Estate - A Closer Look at Generation Z

Posted on in Commercial Real Estate

Illinois real estate lawyersGeneration Z now accounts for more than 25 percent of the current U.S. population, and they are expected to make up 40 percent of all consumers by the year 2020. As such, companies and commercial real estate developers are encouraged to start thinking with the “new generation” in mind. Learn how to better cater to this up-and-coming demographic, and discover how a seasoned real estate lawyer can assist you as you continue to expand your investment portfolio.

Getting to Know Generation Z

Generation X saw the start of the internet. Millennials were a part of the upward trend, but they still remember a time when stores were a place to shop. Generation Z grew up with the world at their fingertips, so their expectations are extremely different than the generations before them. They look at retail spots as places to do things, rather than buy things. A company's ecological footprint and treatment of their employees are deciding factors for this group of consumers, and they are less enthralled by experience than the ease of navigation. They want elements that promote health and emotional well-being. They are also less likely to work in a brick-and-mortar building, but when they do choose to work at a location, they want shared work spaces, unassigned seating, and quiet zones that help them “unplug” from their digital worlds.

Planning for Generation Z Consumers 

With the eldest of Generation Z now in their early 20's, the time to start planning is now. Companies who choose to wait will be left in the dust, but those that are already developing relationships and building trust are setting the stage for success. How can you ensure, as an investor, that you fall into the latter group? Experts say the key is to understand how Generation Z views your industry. For example, if you are a restauranteur, you may want to ensure that you have a delivery option for dining out. Alternatively, if you are a developer that focuses on housing, you will want to consider how Generation Z’ers live (often with friends that they have known since childhood). In short, the impact is industry-specific, but one element remains the same: all investors will want to focus on brand enhancement and being fully connected to consumers on all platforms (including social media).

Our Naperville Commercial Real Estate Lawyers Can Help You Prepare for the Future

When your financial future depends on the next generation of consumers, it is important to start planning well in advance. Skilled and experienced, Lindell & Tessitore, P.C. can help. Our seasoned Naperville real estate attorneys can assist with every legal aspect involved with growing your portfolio, and we can assist you in understanding how your decisions, moving forward, may impact your company's bottom line. Start by scheduling a personalized consultation. Call 630-778-3818 today.

Sources:

https://www.bisnow.com/national/news/commercial-real-estate/gen-z-takeover-developers-are-no-longer-building-with-just-millennials-in-mind-92040

https://www.bisnow.com/national/news/retail/clicks-to-bricks-in-todays-culture-one-cant-function-completely-without-the-other-69767

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