For the past 2 months we have been speculating, and getting excited, about the rapidly approaching Roaring 20’s of the 21st Century. It is here, and it has exceeded most expectations, including those of NC’s Governor and the CDC’s projections. Masks are being abandoned, tables are returning to restaurants (with actual salt & pepper shakers), hotel occupancies are rising, and Generation Z’s are returning to the office environment. So, what is stopping us?
America is stopping ourselves. America was frightened into hibernation 14 months ago and much of the workforce is slow to return to a normal society. Even though mask restrictions have been dropped, there is a large percent of the population that feel uncomfortable with this abrupt return to their churches and grocery stores, restaurants and entertainment, return to in-person meetings & conferences and return to work. “WFH” (or not working at all) has become a popular “new normalcy”. Incentives have been handed out too freely. Currently, there are millions of available jobs, but government incentives have encouraged some workers to not return to work or transition to other professions.
For those who return quickly to a normal society, what changes will we see in our living styles? Which industries will prosper, and which will struggle in the “new normal”?
Residential will be different. Generation Z will look for alternatives to the current high living costs in cool neighborhoods. There will be new co-living “So-Lo” units available to help professionals starting their careers. Duplexes and triplexes will be popular in established neighborhoods. There will be more vertical mixed-use with housing integrated with retail, office, entertainment, and hospitality venues. Smaller is better. All these housing types will require more easily accessible storage. Buildings designed with healthy building initiatives, WELL Health safety standards will become mainstream.
Big box retail will transition, and these “boxes” will be re-purposed into entertainment and residential environments. Warehousing and logistics will prosper. In the Southeast, residential will continue to boom. Entertainment venues will make a quick recovery. Hospitality and travel will lead the way to the Roaring 20’s, much like these industries helped lead America to the Roaring 20’s of the 20th Century. History repeats itself.
