A recent Urban Land Institute panel discusses where real estate is headed, based on the publication 'What's Ahead for Real Estate Through 2020'. From Baby Boomers to Gen-Y, demand is changing, and developers are beginning to tune in.
The Planning Report brings us excerpts from the conversation, including this quote from Joseph Azrack of Apollo Global Real Estate:
"I think there is a confluence from two areas of the demographic barbell: the boomers, which is a very large demographic, and then gen-Y, which is the largest demographic. They are both moving towards multi-faceted urban areas with services, cultural amenities, public transit, and some affordablility. These may be major urban areas like Los Angeles or New York, or they may be smaller urban areas like Columbus, Ohio, Hanover, New Hampshire or Raleigh-Durham, North Carolina, which are home to major universities and enjoy the economic benefits and the amenities that come from that. What's driving this, I think, is partly economic necessity. It's partly that people are going where they believe the strongest and most affordable economic base is."
Thanks to Kevin Madden
FULL STORY: Real Estate Ponders Industry's Future at ULI Conference
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