ULI Virginia News

Jeff Geiger Discusses Millennial Housing Trends in Commercial Construction & Renovation

“In determining where to live, Millennials are not letting potential employers drive their decision,” he shares. “Instead, they identify a desirable community and then seek job opportunities based on what is available in that area.” Geiger explains the growing popularity of “suban” communities for Millennials. “‘Surban’ communities can be existing neighborhoods or communities, or new mixed use communities,” he states. “Existing ‘surban’ areas are generally found between the urban core and the suburbs.” Geiger discusses the positive impacts these trends will have on the commercial real estate industry. “Small in fill projects, single lot projects and existing home rejuvenation and expansion projects will be the primary development and reinvestment opportunities,” he shares. “Adding to the diversity of housing choices with zero lot line homes, row houses, town houses and duplexes will also provide additional economic opportunities to capture this growing Millennial demand.”

Read the full article here. Reprinted with permission by Commercial Construction & Renovation Magazine (2018), http://www.ccr-mag.com/.

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