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Years of Research in Motion Chris.
By -- -- it's been a rough year job about your freezers in motion a rough year for real estate as well in the construction industries a comeback is in the offing though and.
Here to tell us what exactly will affect that -- is Patrick Phillips CEO of urban Land Institute Patrick.
How will the next decade in global real estate differ from the volatility of the previous decade.
-- you know I think it's.
It's all about jobs Chris it's it's when we can Begin to finally see some.
Robust job formation that's going to be the ultimate solution to the real estate market was that there's some big forces that are gonna help shape the that our industry over the next decade or two.
There's a great technology story as a great globalization story and -- a great demographic change ahead of us.
It's -- about those -- the globalization when you look at you say okay here the three drivers globalization is one of them are we talking about.
The fact that you've got these emerging economies that are huge like Brazil and China.
Is that we -- and soon.
Getting -- to -- two angles here one is exactly that there.
The robust growth in emerging markets and and the ability of the global property companies to take advantage of those opportunities.
The other is this bifurcation in -- market where we're getting.
-- very strong asset pricing in very strong outperformance.
In the Gateway markets places like Los Angeles and new York and London.
And -- Those are the places Singapore Shanghai and that the global markets the places that are really connected into -- global economy.
Are those places that are showing a lower risk profile stronger asset -- is a more robust growth.
Patrick we talk about demographics we've got generation now why.
Younger and baby boomers older that are dominating.
The world today in terms of the size of those populations in those generations -- that affected moving forward.
Yes a tough time to be in -- -- are getting ignored the big ends of the bar bill here that are the boomers on the one hand about 78 million of them.
And about eighty million -- wires those folks between about fifteen and thirty.
And end of this -- should say I think on the housing side but there's implications for in the workplace and for retail for.
For any number of different property sectors on the housing side you've got that the boomers.
Who I think -- going to be much more interested in staying in the work force and retiring in place rather than thinking about retirement and traditional ways.
You've got the gen -- folks who are really.
And -- their household forming years right now that a lot of them are stuck in their parents' basement because then their employment prospects are dim.
And they have very different ideas about -- how they -- -- live where they wanna live they wanna be better connected into their their urban environment.
They obviously are better connected technologically and they have a different work style so big challenge is there.
Was very interesting report Patrick you talk about technology in the efficiency.
Eight it in -- the workplace you also talk about.
The rise of the -- is well unfortunately have to leave it there -- actually go check out the report urban Land Institute Patrick thank you so much.
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