Industry News

New live-work-play condos spark urban renewal

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Condominiums and apartments are driving the renaissance of urban areas across the country right now, as both a younger generation and empty nesters seek homes where they can live, work and play, according to multifamily housing experts attending the International Builders' Show being held this week in Orlando, Fla. The condo market, in particular, has been thriving from this trend, as more and more people opt for a lifestyle where they can live near their jobs as well as restaurants, entertainment and public transportation. "Condos made up 30 percent of new multifamily starts in 2004, which is a record-high percentage," according to Gary Benson, president of Garrison Partners, a Chicago-based firm that specializes in condo conversions. Benson said that buying a condo is an appealing option for a number of niche markets: empty-nester baby boomers; young, well-paid professionals from the echo boom; and a growing number of new residents arriving from other countries, who are often mo...