City life and tech are material to the resurgence
The real estate and construction industry is beginning to recover from devastating losses during the pandemic. Young people are leading the migration back to cities. Whether returning to physical presence in the office or remaining in work-from-home mode, they’re rapidly filling multifamily dwellings. And they are drawn by not only tech employers, but also the proliferation in tech itself, which was grown over the past year to outfit the remote workforce.
In a conversation about where the industry is now and its near-term movement, Grant Thornton’s Chief Economist Diane Swonk observed that with young people are coming back into major metropolitan areas, rental incentives have been dropping — an indication of the surge in multifamily buildings. “Some of the most popular properties are snapped up in minutes,” she said.
Companies across the country are also coming back to the city, in the in-person or hybrid workplace model. Real Estate and Construction National Managing Partner Greg Ross noted: “Work-from-home has already dropped to half since May of last year.” He expects see a pickup in office occupancy in the fall and winter.
Listen to their discussions of how migration and the digital economy are helping real estate and construction businesses come back strong.
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