The Suburbs Have Figured Out How To Compete For Millennials. So Watch Out.
The next frontier in Philadelphia for Millennials? The suburbs, according to Morgan Properties CFO Patrick O'Grady, and their interest in the 'burbs won't be confined to for-sale housing. That's why we're excited to hear from Patrick and other top suburban experts at our Bisnow Future of the 'Burbs event on Jan. 26 at 502 W Germantown Pike in Plymouth Meeting.
Millennials and other renters are being drawn to apartments in places in which they can live, work and play in geographically concentrated areas, Patrick tells us, a requirement that a good many suburbs now fulfill. "Suburbs can offer those same benefits even in markets that don’t have a lot of developable land, by having access to mass transportation, shopping, office and residential areas," he says. Patrick's snapped with colleagues Rob Geddes and Ian Douglas, holding one of the company's Philly.com Top Places to Work in Philly awards.
Suburban multifamily also has the distinct advantage of being able to compete for renters on a price basis, Patrick adds. "Suburban markets will constantly be in demand among households whose income requires a lower entry point for the same benefits and lifestyle," he says. Pictured: Timberlake Apartments in East Norriton, one of Morgan's holdings.
In the office sector, Workspace Property Trust president Roger Thomas, who will also be a speaker, tells us "the rumored death of the suburban office market is greatly exaggerated, as is the belief that all Millennial workers, and therefore their employers, want to be in urban locations. Many employers prefer a suburban location."
How do suburban office properties compete with city office properties? By providing generally lower-cost alternatives with a deep labor pool that's close to affordable housing stock and in excellent school systems, along with ease of access, free parking, lower taxes and amenity-rich environments, Roger explains. Pictured: 680 Blair Mill Rd in Horsham, one of Workspace's acquisitions soon after it was formed last year.
Register here for the Future of the 'Burbs next Tuesday, Jan. 26, at 7:30am at 502 W Germantown Pike in Plymouth Meeting.