Urbanization Will Transform Suburban Markets Over Next Decade
Urbanization will transform suburban markets over the next decade. The changes have already started with increased transit-oriented development, a shift toward density, and community-oriented retail concepts. Demographic shifts are the epicenter of the shift toward a more urban environment, including both millennials and baby boomers, but technology and economic growth are also driving major change in suburban markets.
“For the next decade and beyond, urbanized suburban growth will be sustained by social, economic, and technological shifts,” Jose Sanchez, associate, DLR Group, told GlobeSt.com. “Fair housing enforcement, aging in place, economic growth, immigration, and driverless vehicles will play a huge impact on the evolving American suburb. Even more, social and cultural shifts in the way we shop, work, own, interact, and experience life will shape suburban markets.”