THE millennial generation has been defined in many different ways. Variably described as “entitled” and even “empowered”, this generation, however, has shown us exactly what they are capable of time and again.
With millennials having established themselves as the majority in the market, we look toward our industry experts and thought leaders for ways to cater to this generation’s needs.
With so many new and established industries in today’s market, we can simply narrow it all down by looking into real-estate preferences to figure out what millennials truly need and want. By looking into what the millennial generation look for in their homes, offices and leisure venues, we can hypothesize what they look for in other industries, seeing as perspectives and preferences transfer from one subject to the next.
What millennials want
How exactly are millennials any different from the baby boomers and generation X-ers? Well, designer Chad Graci of Graci Interiors said, “Preconceived notions about what is correct have been shaken and stirred, and the boundary between formal versus informal seems less important to them.”
This disregard for preconceived rules has given this generation a bigger stage upon which they can grow as individuals. It has also popularized trends that might not have seen the light of day in the past. Now, more and more brands are coming out with designs that are somewhat futuristic and serve multiple purposes. As per Realtor Mag’s report, millennials prefer interiors that are multifunctional, technologically efficient, green and comfortably chic.
All of these boil down to the fact that millennials, while knowing the specifics of what they want, prefer designs that are trendy yet functional. It is with the latter in mind that designers and real-estate developers create new establishments for this generation.
Design with a purpose
Property giant Megaworld is leading the pack in this initiative by establishing a new residential condominium tower within the Makati Central Business District (CBD) that specifically caters to millennials. The Ellis is a 30-story building that will house a unique, unconventional and contemporary façade with interiors that are reminiscent of New York’s industrial designs.
Eugene Em Lozano, vice president for sales and marketing of Megaworld Makati, said, “The Ellis stands out to be Megaworld’s residential masterpiece in the heart of Makati CBD highlighted by design and innovation.”
If there is anything that inspires the millennial generation, it is innovative designs. In fact, their need for design innovation has fueled them to become the most socially conscious generation yet. This consciousness has had a somewhat positive effect on things, as more brands and companies that promote an Earth-conscious lifestyle have received more support from the millennials.
With The Ellis boasting of link units that incorporate the work-from-home space with the living space, freelancers and anyone else who do not have a typical workspace can easily make the transition from play to work and vice versa. Seeing as the millennial generation is known for freelancing and start-ups, this setup is ideal for them.
“The concept of the link units allows residents to have their living space attached to their working place,” Lozano added. “What we are introducing is something unique, a ‘first-of-its-kind’ residential project catering to passionate, innovative and ambitious individuals with an entrepreneurial spirit.”
As more of the millennial generation come into adulthood, the need for spaces will only continue to grow.
With coworking spaces like Warehouse Eight in Pasong Tamo, Makati City, and shared spaces like Mandala Park in Mandaluyong, the rise of innovative but functional spaces around Metro Manila is strong and supported.