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Millennial Market is Central to Commercial Real Estate Expansion
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(Posted on Apr 12, 2016 at 01:00PM by Michelle Bogle)
Millennials were a large topic of discussion at the recent Vancouver Real Estate Forum. According to many retail and real estate executives at the event, this highly influential generation – those aged 18-35 – is driving commercial real estate expansion at a fast rate.
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The reason? Space.
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As many young Canadians are moving back into urban cores, like Vancouver, they are having to live in smaller condos and apartments that don’t offer much space for recreation or entertaining.
As a result, many millennials are looking to spend their disposable income on experiences, like gaming, live entertainment, dining, activities, shopping and more – all outside of the home.
As a result, many millennials are looking to spend their disposable income on experiences, like gaming, live entertainment, dining, activities, shopping and more – all outside of the home.
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And, does this generation ever have disposable income! Many young millennials go out several times a week and pump money into the local economy simply because they can – many are renters and public transit riders, which leaves more money in their pockets for entertainment and shopping.
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As a result, the demand for commercial space is on the rise in cities like Vancouver, as business owners and investors are trying to cater to this deep-pocketed generation that wants to go out, see, spend and do.Â
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This demand is largely centralized within Vancouver’s retail and hospitality asset categories – two asset categories that our team of experienced advisors specialize in.Â
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For more information on how the millennial generation is driving growth in Vancouver’s commercial real estate market, please contact us our office for details.
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