Ms. Real EstateWouldn't it be convenient if someone had clear,intelligent answers to most of your CRE-related questions? Problemsolved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principalsociologist overseeing market research and analysis at Gruen Gruen+ Associates, is here to answer readers' questions.Have aquestion for Ms. Real Estate? Ask anonymously by clickinghere.Dear Ms. RealEstate,

—Bridging the Differencein the MF Generation Gap.

Dear Bridging theGap,You are correct futuredemand for new multifamily mid and high rise condos and rentalswill be dependent upon the growth of these two demographics. TheMillennial and Boomer generations together will account forapproximately 160 million of the total US population in 2020, withthe Millennials making up about 54% of the total. But by 2030, thetwo together are forecast to account for approximately 156 millionwith Millennials accounting for 60% of this total. This increase isdue to immigration. By 2030, the oldest Boomers will be in their80's so that this generation will decrease in size. However, bearin mind that the majority of both demographics will not have theincome to either purchase or rent new multifamily mid and high risehousing.Both age groups have astrong preference for moving to locations with a high level ofamenities and services within an easy walking distance, as well asto have reasonably close access to public transit. At least 50percent of both generations prefer to rent over owning, but forvastly different reasons. The Millennials, currently age 19-35, whocan afford to live in a new mid or high rise multifamily unit wantto maximize their mobility to provide the freedom to go where thenext best job offer is located. The Boomers (age 51-69) desire ahigh level of responsibility-free maintenance.Boomers are, of course,far more concerned with accessibility issues, though there are alsoMillennials who have mobility restrictions. Accessibility can beaddressed by the appropriate design – no internal steps, at leastone walk-in shower per unit, sufficiently wide hallways and doorsto handle wheelchairs if and when needed, as well as sufficientcabinets in both the kitchen and bath that can be readilyreached.While larger size unitsare typically located on the higher floors, do not assume they willbe primarily purchased by Boomers and the lower floor,smaller-sized units by Millennials. Many Boomers purchase amoderate sized unit to be used as a pied-a-terre, whiletwo-person Millennial households, when both have high paying techor professional jobs, often prefer and can afford to rent or buy alarger sized view unit on a higher floor.Ms. Real EstateWouldn't it be convenient if someone had clear,intelligent answers to most of your CRE-related questions? Problemsolved. Nina J. Gruen, a.k.a. Ms. Real Estate, a.k.a. the principalsociologist overseeing market research and analysis at Gruen Gruen+ Associates, is here to answer readers' questions.Have aquestion for Ms. Real Estate? Ask anonymously by clickinghere.Dear Ms. RealEstate,

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Nina J. Gruen

Nina J.Gruen has been the Principal Sociologist in charge of market research and analysis at Gruen Gruen + Associates (GG+A) since co-founding the firm in 1970. Ms. Gruen applies the analytical techniques of the social sciences to estimating the demand for real estate and to understanding the culture of the groups who determine the success of development, planning, and public policy decisions. She is a pioneer in synthesizing the results of behavioral research with quantitative time-series data to forecast market reactions. Market and community attitude evaluations and programming studies led by Nina Gruen have resulted in the development and redevelopment of many retail, office, industrial, visitor, and residential projects, varying in scale from a single building to large single- and mixed-use projects.

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