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Millennials Making Permanent Changes to Commercial Real Estate

CHICAGO—Although they may eventually decide to move to the suburbs, the desire for walkable neighborhoods and mass transit, among other things, are probably here to stay, said experts at DLA Piper’s Global Real Estate Summit.

chi-RowePanel (3 From left: Randall K. Rowe, chairman, Green Courte Partners; Owen D. Thomas, CEO, Boston Properties; Frank Cohen, senior managing director, Blackstone Real Estate Advisors; Roy H. March, CEO, Eastdil Secured; Debra A. Cafaro, CEO, Veritas, Inc.

CHICAGO—It’s hard to remember a time when the real estate industry was more consumed with a specific generation the way it is with millennials. But there is no doubt that the young people of today have very different ideas about the best ways to work and live. And their numbers make it imperative to understand what they want.   

A few of the industry’s top leaders addressed the issue on Tuesday morning at DLA Piper’s Global Real Estate Summit in Chicago. Randall K. Rowe, the chairman of Green Courte Partners, led the plenary session and began by pointing out that by 2019, 50% of the workforce will be from the millennial generation. He then asked Owen D. Thomas, chief executive officer of Boston Properties, what impact this was having, and what may happen in next few years

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Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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