Suburban towns have been slow to pick up on the "renters-by-choice" population, Otteau says. Young professionals and empty-nesters can help revive a town's economy, while exerting virtually no pressure on school systems.

“Our first task is to understand that yesterday's benchmarks and standards are no longer valid,” Otteau said at NAIOP's gathering. He urged town planners to embrace new realities and consider the opportunities, making the following points:

• Commercial property in many municipalities is oversupplied, and town tax bases have eroded. New development will occur only in places that allow multi-family development; companies are not investing in communities with zoning that prohibits rentals or smaller-lot single family housing for their employees.

• Transportation options are crucial. Today in New Jersey, a majority of residential building permits are issued in places with train stations, but there are still many under-utilized rail stations around the state

• The revival of small and large places such as Hackensack, Bloomfield, Somerville, Newark and Camden depends on well-planned business districts that include housing near the center.