I was scrolling, or trolling, on Facebook today, and I noticed a post about New Haven being third on a list of places that are attracting retirees. New Orleans was first, but we don't have its weather! However, when you factor in healthcare, culture, free events, and walkability, New Haven stacks up very well. We have been selling houses in the suburbs to couples who downsize into apartments downtown. We have also relocated people from out of the area, many with connections to Yale, who come here for their golden years.
What does this mean for commercial real estate? Providing services in the center city has become more important than ever, not only for retirees who want to be (mostly) car-free, but for busy millennials, as well as for professionals who may live here during the week, or people who just work in the city. Food places that deliver seem to be more and more popular, as well as places that offer dining options like takeout and/or prepared foods. There also seems to be no end to the number of restaurants that are prospering in every corner of downtown, and in every ethnic possibility.
We already knew that many entrepreneurs want to open businesses in the hub of the region, but we expect that trend both to continue and to accelerate. We know that convenience is important, and that people will pay for it. We know that time is at a premium, and that walking or biking have become top of mind reasons to live and work in certain communities. If you have space that could work for someone to open a business, either stand alone or as part of another enterprise (think of the fast-food chains that team up together in urban and suburban locations), give us a call. And, if you want to become part of the great wave of small business owners, here's your chance. We're ready to help.
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