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Demographic Factors Affecting Real Estate
There have been profound behavioral shifts in consumer spending recently.
Properties are being repurposed to accommodate the rising demand for one-day distribution. Vacant offices and shopping malls that can’t compete with online sales are being converted to meet consumer demand for faster product delivery. Consumers are spending more on experiences, forcing hospitality and restaurant properties to adjust accordingly. People who want to purchase a home now use mobile technology to research properties.
Millennials are the biggest demographic driver affecting the real estate market in urban markets, office workspaces and elsewhere. But baby boomers are still wielding influence over the industry in senior housing and medical facilities.
Lifestyles and demographic cohorts are influencing urban and suburban real estate markets alike. Keeping up to date on changing consumer buying habits has never been more important.