July 9, 2015
Marcus & Millichap findings show that investors are now pursuing yield over location. Hessam Nadji, Marcus & Millichap senior vice president, speculates that this is due to the expansion of job availability in most metropolitan cities. Investors have not yet seen much yield in New York, Los Angeles, Washington D.C., and Seattle.
Nadji also discussed the influence millennials now hold. Millennials have started to move into major cities and out of suburbs. Additionally they seem to favor renting property over owning. As a result, there has been a tremendous amount of new construction that focuses on urban projects, mid/high-rise types of products.
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