Attracting Millennials: Is Your Lease Flexible Enough?

“The Millennial generation has never known a day without internet or cellphone,’ Makenko writes.

BOSTON—Attracting and retaining young talent goes to the core of every business that relies on creativity, innovation and new technology development. Determining what the new generation of talent wants, what will make the workplace more attractive to them and creating a workplace that does not look or feel like a traditional office space is an increasing focus of many companies which strive to recruit and retain Millennials.

While a lot of effort goes into developing modern concepts for the workplace, often times such concepts are created in a vacuum without being tied to negotiations of a lease for the space which is meant to house such workplace.  Location of the space (accessibility to public transportation, proximity to restaurants, bars, clubs and other amenities) is viewed as a top priority in space selection. Securing such space at all cost becomes the primary focus only to be followed by inevitable disappointment that the vision for the space is not supported by the lease document, or the landlord’s obligations thereunder or the right and responsibilities of other tenants in the building.