L. Burger, CPM®, CRX, CSM
As a management firm that has a fair amount of properties in
suburban locations, it was refreshing--though not at all surprising--to see
that the 2017 edition of Emerging Trends, the annual,
broad-sweeping report from PwC and the Urban Land Institute, provides
clear insight to the contribution to the American culture and economy the
outlying district make.
Over the years, various reports have emerged that attempt to
put the nail in the coffin of the American suburb, reports of the death of the
mall, the migration of major corporations either overseas or into our major
CBDs and of course, the ever-popular Millennial taste for city life.
Two major points from Emerging Trends struck me as
particularly significant: First was that, “suburbs account for 79% of the
population, 78% of households, 32% of land area, and—despite popular and media
perception—75% of 25- to 35-year-olds.”
Second, “As of 2014, 67.5% of employment in the 50 largest
metro areas was in the suburbs. Between 2005 and 2010, employment in suburban
areas remained stagnant with 0% growth, while it increased by 8.2% in urban
areas. But between 2010 and 2014, jobs increased by 9% in suburbs versus 6% in
We at EBMC see on a daily basis the vibrant economic engine
that the suburbs are. We see the populations--many of them young
people--seeking homes in our properties and in interviews discover their focus
on working in close proximity to where they live. In other words, on a daily
basis, we see the American Dream being played out, by Millennials and Boomers
alike, in places other than the hearts of the cities.
In other words we see the same allure of the suburbs that
always was, namely a work/life balance that isn’t a struggle to achieve and
maintain. And in that balance we see the economic contribution the suburbs make
to the overall US economy--despite the headlines.
It is validation not only of the focus of firms like EBMC
with the foresight to plant flags in rich soil but in the long-range stability
and growth that also resides in suburban lifestyles. This translates directly
to a vision for investors who might be growing tired of the capital congestion
taking place in gateway cities and other major CBDs.
The rewards of suburban investment are not only many, they
are largely untapped.
Steve Burger, President
EUGENE BURGER MANAGEMENT CORPORATION
president and COO of Eugene Burger Management Co., Steve Burger is directly responsible for the overall quality, depth
and consistency of management services provided in all 15 regions in the EBMC