According to some key players in the Greater Philadelphia commercial real estate industry, millennials and Baby Boomers are driving current real estate trends and will continue to do so in the future. This was the opinion of the panel of real estate brokers that attended Philadelphia’s Business Journal’s 2nd annual economic forecast.
When Roger Thomas, president and co-founder of Workspace Property Trust was asked how millennials are affecting the real estate market, he said that the millennial population prefers to live in urban environments although it is not permanent. It is similar to a cycle. When a millennial finds a partner, gets married and starts to have kids, they find more value for their dollar in the suburbs. The American dream is alive in the hearts of the millennial population and they still dream of having their own home.
Meanwhile, Michael Markman, president of BET Investments that owns and develops apartments and retail projects said that their company is focusing on building environments for different purposes. The projects are usually in locations that are within walkable distance to towns like Media where the company has a project. Millennials and Baby Boomers are attracted to these real estate projects.
All of the real estate experts agree that Philadelphia has become a dynamic city for long term real estate development projects. However, there are issues affecting the real estate industry like the possibility of higher interest rates, infrastructure, regulations and how businesses will be affected by the incoming Trump administration.
Trump’s focus on creating new employment opportunities and lowering of business tax rates will create a big impact on the real estate industry whether locally or nationally. It both polices come true it will create a perfect environment for the real estate business not only in Philadelphia but other American states.
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