Citing tech job growth and the availability of affordable housing, a new report calls Chicago a “Millennial Magnet” that will offer investment opportunities in the coming years in the multifamily, office and shopping center segments.
The report by TH Real Estate divided millennials into older and younger groups, saying the majority of the latter will rent for the next 7-10 years, “and will likely be more cost-conscious, at least initially, and will avoid the more recently built higher-end units.”
TH Real Estate — an affiliate of Nuveen — grouped Chicago with other established tech hubs like Hartford, Tampa, Dallas, Austin and Atlanta as having high-tech job growth, a high-tech share of employment and affordability.
“We believe exciting and emerging/redeveloping neighborhoods in some of these metros could prove particularly attractive to younger millennials in the next 5 to 10 years,” the report said.
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