ATLANTA—How has urbanization changed the landscape? What tangible impact has commercial real estate development in metros made on the development and capital markets strategies? According to Hugh Finnegan, partner and co-director of real estate at Sullivan & Worcester LLP in Boston, there is no single answer. In other words, the landscape has changed in many ways.

The thought of commuting is very unappealing to a lot of people in the new workforce. People simply do not want to commute and they want their amenities centrally located near where they live and work,” Finnegan says. “Although lending parameters may not be changing, there seems to be a greater comfort with multifamily construction loans because lenders know the demand is there. I'm also familiar with a retail REIT that is getting rid of its suburban portfolio and is now focused solely on urban retail.”

According to a ULI survey, 61% of Americans would choose smaller housing in favor of a shorter commute to work, and 53% prefer neighborhoods close to shops, restaurants and offices.