Rethinking Real Estate development: How the industry is adapting to new habits

Even before 2020, the multifamily market had been decelerating in the urban core as millennials age and change their lifestyle preferences, because of increased demand for improved amenities and services from millennials. Furthermore, over the past 10 years, companies have offered greater flexibility to their employees with remote work, and a growing trend of location-independent employees and entrepreneurs have changed the needs of the traditional office space. New challenges have accelerated these changes since 2020. Other industries, such as hospitality, have changed dramatically based on new consumer behaviors and demands, resulting in the need to adapt physical spaces to new lifestyles. Will these trends continue over the next decade, or will we experience further changes in habits and investment preferences? How can Real Estate developers and managers remain flexible enough to tackle the change?