Key players in the Greater Philadelphia commercial real estate industry say two key groups – millennials and Baby Boomers – continue to drive many real estate trends underway and will continue to do so for the foreseeable future.
This was among the takeaways from a panel of real estate experts who spoke at the Philadelphia Business Journal’s second annual economic forecast, which touched on several issues affecting the region. Chuck Breder, division president of Toll Brothers Inc., Bill Glazer, president and CEO of Keystone Property Group, Michael Markman, president of BET Investments, and Roger Thomas, president and co-Founder of Workspace Property Trust, were real estate industry executives who sat on the panel.
When asked about how the millennial's are affecting the marketplace, Thomas said he believes that millennials want to live in urban environments now but it’s not permanent.
“It’s a cycle like any other cycle,” he said. “When they hook up with a partner, get married, start having kids, they’re going to see that they have more value for their dollar in the suburbs. They’re not going to want to pay for private schools or be able to afford to pay for private schools. I think the American dream is still alive and well and for the most part people still want to own their own homes.”
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