Suburbs still alive and well

Suburbanoffice properties like this class A asset in Harrisburg PA for which CBRE recently brokered the sale have often outperformed their urban counterpart/Photo-CBRE.
Suburbanoffice properties like this class A asset in Harrisburg PA for which CBRE recently brokered the sale have often outperformed their urban counterpart/Photo-CBRE.

CBRE’s Darin Mellott says the evolution of commercial real estate markets “will transcend the traditional lines of downtown vs. suburban, or millennial vs. Boomer.”

By Paul Bubny | GlobeSt.

“The report of my death was an exaggeration,” Mark Twain famously told a New York Journal reporter in 1897, and CBRE Group’s Darin Mellott would use similar language to describe reports of the suburbs’ demise. “Despite what we often hear, more people across all age cohorts—including millennials—are still migrating out of cities and to the suburbs,” says Mellott, director of research and analysis at CBRE. “Looking ahead, the evolution of commercial real estate markets will transcend the traditional lines of downtown vs. suburban, or Millennial vs. Boomer.

“The story is more nuanced and evolving in ways that create hybrid environments,” he continues. “For example, in many markets, suburban areas with urban characteristics are thriving.”

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