14 Jun Give’em What They Want
Detroit, as with many large US cities, is absent of residential life in its dowtown…but, there are signs of regeneration and life. All vacant buildings in the downtown were in some state of rehabilitation with a growing residential marketplace desperate to make the downtown home once again. This trend was so prevalent that new buildings were starting construction on vacant parcels. Something’s going on here…how does this happen? What’s driving this influx of people back to cities?
For one, we know that over 50% of the population now lives in cities around the world. Millennials want complete communities and social interaction. They are happy to forego the hassles of car ownership and their ridiculous commuting times. On the other end of the spectrum, empty-nesters are seeking social support, nearby amenities, walkable places and a lifestyle the suburbs cannot deliver.
So if the market is there, let’s give ’em what they want.