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Millennials gain ground on baby boomers, yet signal a preference shift in location

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Millennials gain ground on baby boomers, yet signal a preference shift in location

  1. 1. © 2017 Jones Lang LaSalle IP, Inc. All rights reserved. Snapshots Millennials gain ground on baby boomers, yet signal a preference shift in location Source: JLL Research • The percentage of millennials in each of the suburban submarkets has been steadily rising throughout recent years. For example, in the Western East/West the population of millennials now outweighs that of baby boomers. • As young families look for affordability and education options in the suburbs, they are having to explore further north and west than prior generations. More so, they are concentrating in the Western East/West and Northwest areas. • Will this millennial migration redirect corporate users to these submarkets? Or should we expect residential demand to revert back to the Eastern East/West and North (Lake Co.) submarkets in the near future? March 2017 Suburban Chicago 18.7% 19.5% 21.5% 21.6% 21.6% 21.8% 25.9% 25.8% 24.0% 24.1% 22.9% 20.3% 10.0% 15.0% 20.0% 25.0% 30.0% North (Lake Co.) Eastern East/West O'Hare North (Cook County) Northwest Western East/West % of Population Millennials % of Population Baby Boomers

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