The Condominium Boom Is Transforming City Living

Around the globe, more people are choosing to live, work, and play in urban settings than ever before. Already, more than half the world’s population resides in cities, a number expected to rise to two-thirds in a matter of decades, as global lifestyles, international investment, urban revitalization, and a robust luxury market beckon new residents. Over the last 20 years, this migration to metropolitan areas has sparked an international building boom that’s transforming not only the city skylines but also the nature of urban living itself. 

Return from the Suburbs

While a big house in the suburbs or a grand country retreat once represented the ideal place to retire, the members of the Boomer generation are living longer, more active lives than previous generations did. This growing market of buyers is trading the picket fence for the penthouse suite, and “they’re looking for walkability and access to local businesses and restaurants, a more convenient lifestyle than they had in their suburban homes where many raised their kids,” says Rick Haughey, vice president of the National Multifamily Housing Council. As empty-nesters return to the city, they’re choosing condominium residences in new developments, where they can access premium amenities without the maintenance requirements of a suburban home and can enjoy world-class art museums, bustling waterfront districts, and new parks only blocks away.

High-Rise, High Status

Luxury developments created by the foremost international architects offer a rarified comfort and an opportunity to live and entertain in a newly created space unlike any other. Some buyers are drawn to major cities’ latest residential towers, designed by A-listers of architecture and design, for the prestige that comes with living in a highly anticipated luxury condominium. For these buyers, occupying the penthouse suite at a coveted address overlooking the city skyline is the ultimate urban status symbol.

Cities have always been dynamic sites where people, commerce, and culture converge. This new wave of development proves they’ve never been more vital than in the present moment.