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The Year of the Millennial

Last night, the President’s Farewell Speech lauded millennials. “You know that constant change is not something to fear … you’ll soon outnumber us, and I believe as a result the future is in good hands.” “The Real Deal” did an excellent summary of how millennials are revolutionizing real estate, especially in New York City. 1 in 3 American workers are millennials who spend 600 billion a year. Beyond co-working space, which is now included in some new residential properties, the millennial filled TAMI sector prefers retrofitted older buildings, shaking up the Class B market in Midtown South. A driving force in Rental Development, which must include large communal spaces filled with amenities, they tour on their phones before ever speaking to an agent. Co-living spaces, where one rents individual bedrooms have emerged. Hospitality companies offer small (as in Jane style 50 sq. ft. yacht-cabin size) rooms, but with extraordinary clubs and common spaces. To appeal to millennials, NYC Retail has gone beyond the suburban big brands, with pop-up stores and display spaces where you buy online.

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