CHICAGO—As reported in GlobeSt.com, Cornerstone Realty Advisers recently published its latest Global Listed Property Review, an examination of the latest global economic trends and how all this will impact the US. And Dave Wharmby, a managing director of Cornerstone, tells GlobeSt.com that, contrary to talk among some that the present US economic expansion could be in its latter stage, there is an argument that we're just beginning the real economic expansion.

"It feels like this is a longer game than we have had in the past," he adds. "It feels like there is much more runway this time." For the past few generations, economic output would resemble a hockey stick. "There was a slow build up and then it would accelerate." However, over the last six years or so that accelerator seems to have been missing, and the long, slow build up has gone on for an extended period. "We haven't yet gotten the productivity gains and the housing expansion that you would expect."

Wharmby believes there is a good chance the expansion will continue due to the secular demographic changes occurring all over the US. Most importantly, millennials are fueling an apartment boom by putting off home purchases. "All of that has driven demand for urban apartments and new rental communities." Furthermore, "the supply pipeline was shot down for about three years," leading to a huge amount of pent-up demand. Combined with the demographic shifts, he does not see this trend reversing in the next few years.