When I filled out my form for the 2010 US Census, I checked the box for non-Hispanic origin, but most of the people in my neighborhood checked the Hispanic box. I am a minority where I live, and it’s pretty obvious…
The closest elementary school has both English and Spanish posters in its hallways, and the retail shops in and around my neighborhood target Hispanic consumers with Spanish signage and Hispanic brands. For example, when I need to make a quick milk run, I head to Fiesta, a grocery store that caters to Hispanics.
Even the pregnancy tests at Fiesta are in Spanish. (By the way, the Spanish word for pregnant is embarazada, which is remarkably similar to the English word embarrassing. Don’t make the mistake of telling a Hispanic person that you are embarazada if you find yourself in an embarrassing situation, especially if you’re a man, because you’ll end up even more embarrassed.)
Recent data released by the US Census Bureau reports that there were nearly 50.5 million Hispanics living in America as of April 1, 2010, accounting for 16.3% of the US population of 308.7 million.
The 10-year growth rate for Hispanics was 43%, compared to less than 5% for non-Hispanics. The Asian-origin (non-Hispanic) population also grew substantially, by 42.7%, but from a smaller base. The African American (non-Hispanic) population grew by 11% and White (non-Hispanic) population grew by 1.1% over the entire decade.
These numbers tell a very important story – one that the commercial real estate world should listen to very carefully. Obviously, the Hispanic demographic has already had a huge impact on the retail and multifamily sectors in this country. It stands to reason that the future impact will be even greater. For retail and multifamily property owners, how will their business change?
And, what about other commercial property sectors? Has the Hispanic demographic already had a measurable impact on hotels, for example, or the office sector?
And, what about some of the niche property types like student housing and healthcare? A number of research organizations predict that a larger portion of college students will be Hispanic. Will that change the way student housing owners operate?
Similarly, healthcare real estate owners may have to make some big changes as their tenants begin to cater to a more ethnically-diverse patient base. It’s more than likely that Spanish signage won’t be limited to grocery stores, but will extend to hospital campuses and medical office buildings.
In fact, a pediatrician’s office located about three blocks from my house already has made the transition. A digital signs implores parents: traer a sus hijos en las vacunaciones.
What future impact do you expect from the growing Hispanic demographic?
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