According to commercial brokerage Cushman & Wakefield between 2009 and 2015, 500,000 jobs have been added in New York. The added jobs is having an impact on Millenials whose preferences are exerting an influence both in NYC and other states across the US.
Millenials who are born between 1984 and 2000 in general want to live in cities and walk and not use cars. As a result, many large companies including Google have relocated to NYC. In addition, in other markets outside of NYC, millenials are making up a large portion of the buying population. Due to the high prices in Manhattan, we don’t see as much millenials buying as in other states.
Based on the pace of the first quarter sales of commercial and mixed use buildings, this market is poised to surpass significantly the $57.7 Billion in sales of 2014.
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