DALLAS: Generation Y is embracing its own high-rise dream living close to where they work, surrounded by cafes and restaurants, and walking to the supermarket.
Less than five years ago, only 10 per cent of new home approvals were in high-rise complexes of more than four storeys.
Today more than a quarter of all new homes being built are in high-rise buildings.
The trend will mean more restaurants, bars, supermarkets and service businesses like hairdressers are established in nearby areas, creating opportunities for businesses.
“The millennials have indicated a preference for living close to where they work, to cafes and restaurants and the like rather than commuting,” he says.
That’s in contrast to baby boomers or some of generation X who preferred to have a quarter-acre block in the suburbs, commute and spend their weekends mowing lawns.
“The gen Y or the millennials are effectively saying `no, that’s not for us – we want to be travelling, we want a different sort of lifestyle’,” says…