What Is Innovative Living and Why Is It the Future of U.S. Real Estate?

The millennial generation’s preferences are driving a change in what types of multifamily and hotel assets are in demand.

Earlier this year, W5 Group committed $300 million to develop 1,300 co-living units across the U.S. and to increase the global reach of its brand for the co-living operator, QUARTERS. Co-living—and, more broadly, “innovating living”—has emerged as one of the most exciting opportunities in the real estate industry, and we’d like to share our insights as to why:

What is innovative living?

To understand what we mean by innovative living, and why it’s a core focus for us, it’s important to first look to the demographic and societal shifts that are influencing consumer demand. This can best be exemplified by examining the needs and wants of the largest generation in U.S. history: millennials.

Whatever your take on this oft-derided cohort, you need to understand them. They’re on track to be the most educated generation yet, and they currently comprise the largest segment of the American workforce at 35 percent. While they presently trail their predecessors in total expenditures, millennials are in fact on pace to achieve the most growth in spending of any segment.

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