New study highlights millennials’ preference for amenities & connections reshaping U.S. communities including Houston
By Sherry Quan, Media Relations, Avison Young
Evidence for the way millennials are changing the face of our cities comes from a new study by the Canadian global commercial real estate services firm Avison Young. The study titled “Millennials and Re-Urbanization of the City – Closer to the Core: Millennials’ preference for amenities and connections reshaping communities in the U.S.” explores the way in which millennial populations are reinvigorating long-dormant urban areas in Detroit, downtown Los Angeles, Brooklyn, downtown Houston and Uptown Dallas – among other cities – in an effort to move ‘closer to the core’ of a city where facilities and interior design is more geared towards convenient living.
“Our research shows that millennials are transforming America’s cities in unexpected ways,” comments Mike Kennedy, Avison Young Principal and Managing Director of the firm’s Austin office, who co-authored the report. “At the same time, millennials are creating challenges – and opportunities – for owners and occupiers of commercial real estate, including investors, landlords and tenants.”
The report also finds that “urban-burbs” are effectively creating confluences where walkable amenities, efficient and accessible transit, high connectivity, and city-center conveniences intersect with lower-rise density and improved affordability. Furthermore, it is likely that companies will find their workforces and tenants to be largely millennials who wish to live, work and play in denser communities than the outlying neighborhoods preferred by their parents and grandparents.
Avison Young is a leading Commercial Real Estate company based in Houston, TX.