Millennials Are Taking Over Commercial Real Estate
Millennials are the entrepreneurial force behind many rising companies, in and out of the commercial real estate (CRE) market. While often given a bad reputation, millennials are changing the way CRE is marketed, leased, and sold.
Facebook CEO Mark Zuckerberg and Brian Chesky, CEO of Airbnb are two of the most successful millennials in the world, but they are also a strong testament of working with a dream, rather than working for a paycheck.
Millennials are starting their own businesses because they want to be their own boss. Roughly 66% of millennials also aspire to start their own business. This is why we are seeing such a large spike in startups here in Nashville and all across the country.
Commercial Real Estate is very attractive to this generation, which allows individuals to expand new ideas, build creative projects and creatively renovate older properties instead of designing and selling the “old way.”
Technology is also a large factor in the life of millennials. The Tech Industry is worth over $3 trillion — and is one of the fasting growing industry in the world. Real Estate is the largest market in the world,worth around $15.2 trillion.
This new work force is well-versed in the world of tech and Millennial Brokers are using this technology as an advantage to create new ways to conduct and close deals. The Cauble Group, a brokerage comprised only of millennials, relies heavily on its website and social media outlets. Instagram, along with LinkedIn, is one of the top social media websites we use here at The Cauble Group. Podcasts have also grown in popularity, such as the Tech Nest, which focuses on real estate and tech.
The workforce is becoming increasingly millennial every day, and with more taking on the CRE Market, we have begun to see a shift in how business is marketed.
According to INC., they say “Whatever it is, millennials seem to be more inclined to follow their passions and take the road less traveled rather than sticking it out at a company they have no real interest in for decades.”
That’s why Tyler Cauble, Founding Member and President of The Cauble Group started his business. “I realized that I would never be able to grow my business to support the lifestyle I wanted by utilizing the old-school tactics of other commercial real estate firms,” says Cauble. “My company takes advantage of social media and the latest technology to reach today’s market. We’re not in the 1980s anymore.”