The topic of suburbanization has come to the forefront as COVID-19 spreads and the subsequent shutdown endures. As the virus lingers, we’ve seen big city residents migrate to less dense places in the suburbs to seek shelter. While most of these moves are a temporary response to the pandemic, population data suggests urban centers have been losing their allure since the late 2010’s. Soaring rents pushed residents out into the suburbs, seeking more space and better education for their growing families, with the Millennial generation leading this trend. The majority of millennials are now entering their 30’s and make up the largest group of home buyers. Will the COVID-19 pandemic accelerate this outmigration? And if it does, will office employers follow the population shift in order to retain and attract talent? There are arguments for both sides, but all agree that only time will tell.
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About the Author:
John Obeid leads the research operation for the New Jersey office of Colliers International as Senior Director of Research. With more than 8 years of experience in the commercial real estate industry, John’s research expertise spans across multiple business lines, including office, industrial and retail.