Where people live greatly affects commercial real estate markets. Lately, we've seen a transformative influx of people moving into the urban core, but does that mean the suburbs are dying? Join us as we dive a bit deeper into this topic below! Conceptually, Suburbs are Dying: To really answer the question above; no, suburbs themselves are not dying. In fact, more people still live in suburbs than in cities. However, our concept of suburbs is definitely changing. Construction of single-family homes has slowed while we are seeing a 40-year high in the construction of apartments and condos. More people are choosing to live in multifamily housing than the traditional suburban single-family home. City vs. Suburb Gray Area: The lines are becoming blurred between what is 'city' and what is 'suburban'. This is partially due to peoples' preference for convenience over size. According to Business Insider, "Urban planners across America are rethinking how suburbs are designed. Towns like New Rochelle, a suburb of New York City, are evolving to focus less on space and possession and more on walkability and environmental impact." New opportunities: As mentioned above, we may have to change the way we think about the suburbs, but that doesn't mean they can't be useful. There are several arguments for retrofitting them for seniors as a competitive option while society continues to move to more urban areas. It's likely that more solutions similar to this will pop up in the next few years. A great example of this happening in Kansas City is the Meadowbrook Redevelopment in Prairie Village, KS. This mixed-use development will include senior housing along with retail, office, and park space! Kansas City: Our city is a great example of re-purposing in the suburbs. Right now, one of our own suburbs, (Westwood, KS), is working on becoming home to a huge mixed-use development to increase walkability in the area. Not only this, but one of our biggest suburbs (Overland Park, KS) is in negotiations for a final financing package for Brookridge Development. This project will include a mixed-use area with office, retail, and apartments, and the redevelopment of an 18-hole golf course into a city park and a 9-hole course. The suburbs may always be a thing, but our perceptions and needs as suburbanites are definitely changing. Do you think the suburbs are changing? Tell us in the comments below! Sources: Peak Millennial? Cities Can’t Assume a Continued Boost From the Young Are American Suburbs Dying? The American Suburbs as We Know Them are Dying What 'The End Of The Suburbs' Means For Boomers Brookridge Project in Overland Park Clears Another Hurdle Meadowbrook Redevelopment Woodside Village
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