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Millennials and baby boomers prompt development in cities

1/25/2016 | Real Estate Blog

In our last post we discussed how the need for addiction centers is a motivating factor for commercial development in communities throughout the nation, including Philadelphia. There are other trends in Pennsylvania real estate worth noting as well, such as, the demographic of individuals opting to reside in cities rather than suburbs. While readers may not be surprised to hear many millennials chose to live in these areas, the other group may not be quite as obvious–baby boomers. The movement of millennials and baby boomers to Philadelphia is one factor being cited for real estate growth in the city.

The reasons for millennials to be there include living close to where they work. The close proximity allows many to forgo the use of a vehicle and instead bike or walk from one place to another. In addition, the many remote jobs available make it appealing to meet with coworkers in the many bars, restaurants and coffee shops located in most cities.

For older individuals who no longer have young children to educate, the need to live in a community full of families and great schools may no longer exist. In the city they too can opt for walking to amenities and not worry about yard work or house repairs.

Regardless of what is driving real estate development in Philadelphia, there are many matters that a developer will need to address in the course of any project. To deal with those matters appropriately and promptly, and to avoid further complications in the future, it is advisable that a develop works with a real estate lawyer.