The Real Economy's Industry Outlook report for the summer of 2020 is full of adjustments, changes and economic pain as the various verticals within the real estate sector continue to grapple with the effects of the pandemic.
But the prevailing theme is that many market trends that were already creeping into various aspects of the sector have been accelerated by the effects of COVID-19.
The residential sector, for example, was already experiencing a migration of millennials, the oldest of whom are now in their early 40s, from "first tier" cities like New York, Chicago and Los Angeles to "second tier" cities, such as El Paso, Texas, Madison, Wisconsin, and Salt Lake City, Utah. The movement was fueled initially by lower housing costs in the smaller cities, which millennials saw as a worthwhile trade-off between potential professional opportunities and housing costs.
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Patrick Smith
Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, M&A and corporate work, leadership and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd
