This past week I attended ULI’s 2014 Trends in Real Estate Forum. While many of the ideas discussed I had already heard from clients and in the media, what really stood out to me was the driving factors behind the trends. For example, companies require less square footage because they have learned to use their labor force and space more efficiently – right-sizing, not downsizing.
Most interesting to me was how James Chung, the President of Reach Advisors, referred to my age group, millennials, as the “deferred generation.” He talked about how this generation is choosing to spend their money on things like rent rather then immediately go after the American dream of home ownership and a family in the suburbs. This is something many want in the future, but for right now they seek an urban and less permanent lifestyle.