We have all heard the harbingers of doom who predict the end of our industry as we know it. Why? Because millennials are all forsaking their lives in the burbs and moving to the big city. In doing so they aren’t buying cars (don’t need em, live near work) so they don’t need any place to park them. Yikes.
However my buddy Brandy in Las Vegas sent me an article in the New York Times that puts the lie to this myth. You can read it yourself here.
It seems that with the exception of about 10 urban areas, folks ARE NOT moving to the cities but to the contrary, are living in the burbs. Urban planners and prognosticators live in large cities and see anecdotal information so they start down the road of the self fulfilling prophesy. However, ask the post office who is getting all that mail, and they tell a different story.
The graphs in the article show that although New York, Chicago, and Seattle downtowns are becoming more dense, places like Las Vegas, Houston, Dallas, Salt Lake City, San Antonio and Austin are not, and by quite a large margin. Folks in these cities and many more like them still need cars to get to work and yes, a place to park them.
When I least heard this myth it was being spread by a realtor in Chicago who said people and companies were abandoning those mid rise complexes around O’Hare and moving downtown. So they could live work and play within walking distance. The burbs were history. And that was 10 years ago.
It may be true in Chicago, but it isn’t most everywhere else.
My sources tell me to ignore the doomsayers and believe the numbers. Might not be a bad idea.