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The New Millennials

There has been a lot of talk about the new millennials as of late. At recent conferences, I heard Scott Rechler from RXR and Billy Mack speak of how this demographic is transforming cities where they want to live and work.

By James Nelson | Updated on May 01, 2015

There has been a lot of talk about the new millennials as of late. At recent conferences, I heard Scott Rechler from RXR and Billy Mack speak of how this demographic is transforming cities where they want to live and work. This trend is clearly pronounced in New York City and is driving office and residential rents to all-time highs in neighborhoods such as Midtown South and Downtown Brooklyn.

It wasn’t until Cushman & Wakefield’s 1st Quarter press conference that I realized the magnitude of this trend. This age group which consists of ages 15-34, accounts for 86.8 million people in the US compared to the Baby Boomers, ages 50-69, who number only 76.5 million. As the Baby Boomers move into retirement age, it will be the millennials who will begin to make up the largest percentage of the work force.

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