The Future of Downtowns Is Out in the Suburbs

A recent Harvard study shows that millennials are now returning to the suburbs, and gen Z plans to stay there. This is due to several emerging trends, but a major factor is the rising cost of rent and homeownership in major cities, which makes it difficult for gen Z to afford living in prime downtown locations. As urban costs rise and younger generations seek affordable alternatives to city living, the suburbs are evolving to meet this demand by adopting compact, mixed-use developments that mirror urban downtowns. This session will explore the recent trend of suburban reinvention, where developers, corporate tenants, and investors are seizing opportunities to build new, walkable town centers complete with retail, office, and residential spaces. Drawing on case studies from across the country, the panel will highlight how this shift presents both financial and social opportunities while reshaping the suburban landscape.