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Source:  Broker News - www.brokernews.com.au

Demand for commercial property in the inner suburbs is growing, largely due to the influence of Generation Y.

According to the Sydney Morning Herald, an increasing number of companies are moving from outer-suburban areas and setting up closer to areas populated by Generation Y workers.

Colliers International director Rob Joyes said Generation Y workers prefer to work close to where they live.

“They live the inner city because of all the lifestyle benefits of being close to cafes, bars and other entertainment, and they therefore don’t want to stray too far to go to work. The convenience factor is a big influence,” he said.

Joyes added that companies that were previously based in the outer suburbs are taking into account the preferences of Gen Y when determining their property strategy.

Gen Ys are also showing an interest in not only renting in the inner city, but buying as well.

“Based on the forecasts for Melbourne’s population and changing living patterns, it’s expected this generation will have a greater preference for staying in the inner city long term, which will drive further demand for city-fringe office space,” he said.

Source:  Broker News, 25th Aug, 2010 - www.brokernews.com.au