How Millennials Drive Tomorrow’s Real Estate Trends
As Millennials in the U.S. settle into their 20s and 30s, affordable mid-sized tech hub cities, select city-center neighborhoods and close-in big city suburbs that offer short commutes and urban amenities stand to benefit, according to new research by TH Real Estate, an affiliate of Nuveen, the investment manager of TIAA.
TH Real Estate Research US’s Melissa Reagen says, “Our research indicates that both older and younger Millennials will eventually migrate to the suburbs of either the metros they currently live in, or to the suburbs of more affordable metro areas with favorable job growth. However, the impact of these lifestyle choices on U.S. cities will present varying investment opportunities, depending on each community’s job growth prospects, affordability and commercial property landscape.”
Key findings include: – “Flight to Suburb Metros” – Older Millennials stay close to urban centers for short commutes and urban amenities as they establish households and prioritize family life in such cities as San Francisco, Los Angeles and New York. Potentially boosts suburban office properties and well-located lifestyle shopping centers with a market-dominant or specialty grocer. – “Millennial Magnets” include such cities as Chicago, Salt Lake City, Phoenix, Austin, Orlando, Charleston and Raleigh. Younger Millennials prefer to work in the technology sector, and in livable, lower-cost communities compared to other big cities. Affordable tech hubs positioned to continue attracting people in their 20s, thus creating attractive investment opportunities for select multifamily properties, particularly in emerging and redeveloping urban neighborhoods, as well as in certain office nodes and shopping centers. – “Tech Super Hubs” include such as Boston, Denver, Seattle, Portland and Washington, DC. While tech-related job growth will attract younger Millennials, the high cost of living will continue to provide a tailwind to city center multifamily properties, select office sub-markets and high street retail neighborhoods in the urban core of these hub cities.
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.
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