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Real Estate’s Sharing Economy
September 12th, 2017 | Posted in Real Estate News
It’s no secret that the “sharing economy” has changed the face of many industries and our collective imagination. So much of this disruption has been shepherded, in particular, by the preferences and behaviors of millennials. As of last year, millennials surpassed the Baby Boomer generation in population; one in five New Yorkers is a millennial. The selfie generation’s collective spending power is nothing to be scoffed at – they spend $600 billion a year. By 2020, that number is expected to hit $1.4 trillion.
It should come as no surprise then that this demographic has been responsible for setting broader consumer trends and norms, and that developers are taking note. Certain amenities, such as co-working spaces, have become standard in rental buildings seeking to attract millennial renters. And the sharing doesn’t stop with office space: Co-living developments, attempting to capitalize on millennial zeitgeist, are not just niche start-up projects. Major developers, such as the Durst Organization and Vornado Realty Trust, are buying into the trend and you can be sure any success or failures will be closely watched by everyone in the industry.
Property of the Month: 109 Norfolk Street, 5
- Award-winning architectural design
- Private keyed elevator
- 2 bedroom, 2 bathroom
- Type: Condo