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Posts Tagged ‘Hugh F. Kelly’

Photo from gaebler.com

Photo from gaebler.com

I recently attended a presentation coordinated by CREW Miami at the Four Seasons hotel on Brickell Avenue. It was the “2015 economic update”, presented by Hugh F. Kelly, Clinical Professor in New York University’s Schack Institute of Real Estate, where he has taught for 30 years. According to his analysis, US cities which can offer a developing Downtown area as well as real estate assets based on rental income and long term increase in average property value are the ones that are currently attracting most investors as a time where stock markets are volatile. 366 million dollars where spent in buying commercial real estate in 2014 ( office buildings, multi-family buildings that have more than 4 units, warehouses, retail, shopping centers and land ). Twelve cities are included in the top list for commercial real estate sales in 2014 and Miami is one of them, together with cities such as New York, Los Angeles, Brooklyn and Washington. In the category of holding hotels as a real estate asset, Miami ranks first, Brooklyn is number 4 and, believe it or not, Manhattan is number 13. In the category of holding multi-family/ apartment buildings, Brooklyn appears as number 1 and Miami as number 9. When it comes to the retail market, Brooklyn ranks number 1, Miami number 2 and New York number 3.

Photo from under30ceo.com

Photo from under30ceo.com

Among the interesting ideas that I picked from this presentation, I also heard that Generation Y ( those born between 1977 and 1994 ) represent 160 million people in the United States, which is approximately half of the total US population.

According to William J. Schroer, who wrote on “www.socialmarketing.org”, Generation Y can be defined as ” The largest cohort since the Baby Boomers, their high numbers reflect their births as that of their parent generation..the last of the Boomer Is and most of the Boomer II s. Gen Y kids are known as incredibly sophisticated, technology wise, immune to most traditional marketing and sales pitches…as they not only grew up with it all, they’ve seen it all and been exposed to it all since early childhood.” Hugh F. Kelly says that Miami’s attractiveness to the 25-34 year old demographic is increasing and approaching New York levels, which is interesting as, according to him, this crowd was way below US national average in Miami until 2000. This trend is now reversing and exploding.

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