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:
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.
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.