NEW YORK CITY—A quote attributed to Yogi Berra applies to the implications that changing demographics have for real estate: “The future ain’t what it used to be.” In the early days of, a common understanding was that Baby Boomers would retire at age 65 or thereabouts and live out their days someplace warm. As the 2015 Emerging Trends report from the Urban Land Institute and PricewaterhouseCoopers recounted, this was supposed to make properties in resort areas and retirement communities the best bets for investors. “The Emerging Trends survey this year, however, ranked such property as the least desirable investment and development opportunities,” according to the ULI/PwC report.

Boomers and Millennials, who now outnumber them, may disagree on a number of areas, ranging from credit card debt (the older generation is more likely to carry it around) to work environments (the younger folks generally are more amenable to collaborative spaces). However, one area in which they’ll increasingly find common ground is where they choose to live, work and shop: the city. That’s the projection of both the ULI/PwC report and the 2015 edition of law firm Akerman‘s Real Estate Industry Outlook Report.

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