Generational Shift & The Changing Landscape of Real Estate: Downtown Decides

~ From the Eyes of a Millennial Professional ~

By: Blake Robison Retail Advisor

We have entered a world where we are constantly inundated with information 24/7. Technology continues to become more and more integrated into our society, and with the click of a button, we can see the best foods, drinks, designs, ambiances… and the list goes on. Our minds retain this information and then proceed to demand a different quality of life in all aspects.

The millennial generation has begun to direct the economy based upon their buying power and their market share continues to grow. In terms of migration, Florida is one of the top 10 states millennials are moving to and in Brevard County, Melbourne has the highest ratio of millennials to overall population which continues to increase throughout the county.

We see all sectors of real estate being affected by this: 

Retailers are either rebranding, restructuring, or in the case of big-box retail… starting to go away.

Offices are being designed with open floor plans, collaborative workspaces, and engaging environments.

Industrial space is in high demand as the “Amazons” of the world continue to require more and more space for their processing and distribution.

To bring this back to a more micro view of the Brevard County landscape… we are seeing more trend-forward restaurants, bars, and businesses not only pop up but generate traction in the marketplace. Our society is demanding experiences.

As I mentioned in my last newsletter, as the downtown sectors grow with new restaurants, retail, offices, and residences… so the workforce that the major companies are promising and seeking to retain in Brevard County will continue to grow, and then the cycle continues.

If we take a quick snapshot of what is happening in EGAD and Downtown Melbourne (as well as all Brevard downtowns) my speculation becomes not so much a speculation, as an actual data proven fact. Each new project is a catalyst for more growth, and it truly “takes a village” to continue to improve the quality of life, experience, and community.

While I could never feasibly name every business, project, and individual that has been instrumental to continued growth… Below are recent projects that have been dynamic catalysts or are currently underway in Downtown Melbourne & EGAD:

For more information on the downtown markets & commercial real estate trends in your area, contact me at: [email protected] or 321-704-0454

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