Every 30 seconds one Hispanic turns 18 in the United States.
Currently, minorities make up almost half of all Millennials, and Latinos account for nearly 25 percent of this extremely influential group. With the Hispanic population growing at an exponential pace, the question for the commercial real estate industry is simple: “How can you have a Millennial strategy without asking yourself ‘What about Latinos?’”
The Hispanic baby boom in action
Today’s Hispanic baby boom has only just begun, and it will continue to bring tremendous economic growth, innovation and diversity throughout all business sectors in the United States. The number of minority-owned businesses in the U.S. has increased by 45.6 percent to 5.8 million over a five-year period—more than twice the national growth rate of all U.S. businesses, according to the U.S. Census Bureau.
As the Hispanic population continues to grow, Hispanic business leaders and service companies that serve this demographic will need diverse real estate representation and solutions, especially in urban markets. Urban markets have always been the epicenters that draw Millennials. These hubs provide the lifestyle this demographic is seeking, which combines housing, jobs and entertainment all in one place. Hispanic Millennials in particular are demanding business space and housing that are community-oriented, urban and modern; and they want diverse shopping options to suit their needs. As the industry works to meet the needs of this growing population, increasing diversity will be vital.
How can the commercial real estate industry respond to this growth?
The commercial real estate industry must recognize, embrace and understand that…