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Generation Z will overtake Millennials to become the biggest homeowners by 2030

9/9/2022

It is estimated that by 2030, Generation Z (born between 1997 and 2012) will surpass Millennials (born between 1981 to 1995) and represent the largest group of real estate renters on the market.

These demographic changes have driven several sectors of the real estate market, such as multifamily and corporate, which have been trying to reinvent themselves every day.

Keeping an eye on these 100% digital customers, intimate with the internet and technologies, owners have put in place strategies to compete for this new generation of tenants. In the multifamily sector, for example, Housi has been innovating in the Brazilian market with the rental of properties by subscription, and has invested in making the experience of its customers increasingly futuristic.

What does Gen Z want?

A number of factors are shaping Gen Z's preferences. Some of these characteristics are:

Quality internet is essential
It's the first digital native generation, so it's not surprising that they value high-speed internet more than any other amenity.

Google always at hand
In their research process, the use of Google is constant, in addition to being more demanding and attentive to the company's comments, evaluations and digital presence. That's why best practices in media and digital marketing will become commonplace.

The most successful owners will be those who invest in search engine optimization, advertising, social media, including TikTok and Instagram, as well as actively monitoring their online reputation.

Search for customized solutions and unique experiences

Brands and companies that market to this generation need to understand their needs. It is more important than ever to prioritize these preferences as the economic power of Gen Z will continue to grow.

Concern about environmental issues

Sustainability will likely become more prominent as Gen Z becomes a larger group of tenants. Therefore, developers, real estate, construction companies and enterprises interested in attracting this audience need to strongly demonstrate which values and causes they embrace.

While location, price and build quality will determine a large part of Gen Z's rental decisions, sustainability will offer ways to differentiate yourself in the marketplace. As Gen Z ages, they will have even more purchasing power to make decisions based on their environmental values.

Cushman & Wakefield is a global leader in corporate, logistics and industrial real estate services

Learn more insights and understand how the global leader in corporate, logistical and industrial real estate services can assist owners and occupiers at every stage of their real estate cycle.

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Built in 1960, the Barão de Mauá building is one of the architectural treasures of the city of Rio de Janeiro. Designed by Oscar Niemeyer together with Sabino Barroso and Lúcio Costa, it went through different periods in the country's real estate and economic market and recently gained more technology and functionality, which further enhanced its charm.

Located in the central region, it has more than 23 thousand m² of built area and 20 corporate buildings, currently 100% occupied by the largest electricity company in Latin America and one of the largest in the world. Around 750 users pass through there per day.
After an important retrofit, completed in 2018, the Barão de Mauá Building re-emerges revamped in the Rio real estate market to continue writing its history in the heart of the city.

Learn a little about the work that the Cushman & Wakefield Property Management team has been carrying out in the condominium and understand how this successful relationship has been built long before the renovation.

2002 to 2017 – Property and Facilities Management
Even before the retrofit, Cushman & Wakefield already worked with Property Management in the common areas of the condominium and also provided Facilities Management services in the private areas.

2018 – Completion of retrofit
Between 2015 and 2016, the Barão de Maurá Building was vacated to carry out the retrofit. The work was completed in 2018, the property had its facilities completely modernized, which placed it among the best-rated corporate buildings in the city, with LEED Gold certification, which proves that the project complies with strict construction use standards, in addition to the Procel A seal, which attests to its energy efficiency. The iconic architectural design has had its original characteristics preserved.

At this point, Cushman & Wakefield then resumes condominium management work.

2019 – Reoccupation
In 2019, the Barão de Mauá building opened its doors to its new occupant, which would later become the largest electrical energy company in Latin America and one of the largest in the world, becoming a single-user building.

In addition to the common areas, the Cushman & Wakefield team dedicated to the operation provided full support to the occupant during the process of reoccupying the building, going through challenging moments when the COVID-19 pandemic devastated Brazil and the world.
With delays throughout the supply chain and a direct impact on service provision, a lot of resilience and expertise was required to deal with adversity.

Another important moment in relation to occupant support also required new efforts from the team. After being incorporated by another company, the occupying company goes through a relayout process that included new reforms.

2024 – Operational Excellence Award
Having overcome the challenges, today the team is reaping the rewards of the work carried out over all these years.

The quality of the service provided was recently recognized. The Barão de Mauá Building was highlighted in the operational excellence award, which annually recognizes Cushman & Wakefield's best operations in Property Management. Result of the combined efforts of all members.
“Today we find ourselves on a “cruise” in relation to the maturity of this operation. Having overcome the challenges, we managed to stabilize all aspects and continue working to always be more efficient”, reports Monica Mariani Portfolio Manager at Cushman & Wakefield.

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