As we have noted in a number of our posts, a key to being successful in real estate is being able to anticipate trends. One such trend involves knowing one's target market, what they currently appreciate and what choices they will make in the future. This is why many current and real estate projects are centered on millennials.
For instance, when looking for potential projects that will benefit from upgrades (i.e. class C properties that can be converted to class B), developers are looking to what amenities can be tailored to their respective target markets. With millenials making up more than 40 percent of today's workforce, residential real estate projects (and upgrades) are focusing on making the most out of work/life balance.
This means that homes are being planned close to office spaces, or living spaces are being made part of multiuse buildings (i.e. retail, residential, office). They are also being planned near transit stations and restaurants to foster an environment where cars may not necessarily be needed to enjoy all of the amenities a property has to offer.
With more baby boomers retiring and the number of millenials in the workplace expected to reach 75 percent in the coming decades, it is important to understand the changing needs of this target market. Perhaps their needs and tastes will change just like the baby boomers who chose to downsize in droves in the early 2000's as many became empty nesters.
Indeed, only time will tell.
The preceding is not legal advice. Questions about the legal implications of a real estate transaction should be referred to an experienced attorney.