Growing up in King of Prussia, Pennsylvania, I often visited my grandparents in West Philadelphia. One community felt vibrant, while the other tired and left behind. West Philly’s neglected housing and retail had been underinvested in. Many properties no longer served their residents. They were obsolete.
Fast forward to today, and America’s real estate is “aging in place” much like its population. The generational wealth transition and the wave of retirements have long been expected as the baby boomers pass on their $80 trillion of net worth. But something unexpected has happened along the way—the housing market froze and older owners stayed where they were or downgraded to compete with younger generations for “starter homes” that were also perfect for retired grandparents to be close to their families. As birth rates slow and not enough people are being born to sustain growth, commercial real estate is also stuck in place, unable to meet modern needs.
