TheUrbanization—migrationawayfromthesuburbstothecitycenter—willbethebiggestrealestatetrendin2015,accordingtoanewreport.ThereportsaysAmerica’surbanizationwillcontinuetobethemostsignificantissueaffectingtheindustry,ascitiesacrossthecountryimitatethewalkabilityandtransit-orienteddevelopmentmakingcitieslikeNewYorkandSanFranciscososuccessful.Assmallercitiescopythemodelofthese“24-hourcities，’’tfioreaffordableversionsoftheseplaceswillbecreated.Thereportreferstothisasthecomingofthe“18-hourcity，”，andusesthetermtorefertocitieslikeHouston,Austin,Charlotte,andNashville,whichare“positioningthemselvesashighlycompetitive,intermsoflivability,employmentofferings,andrecreationalandculturalfacilities.”Anothertrendthatlookssignificantin2015isthatAmerica’slargestpopulationgroup,Millennials(千禧一代)，willcontinuetoputoffbuyingahouse.ApartmentswillretaintheirappealforawhileforMillennials,hauntedbywhathappenedtohome-owningparents.Thistrendwillcontinueintothe2020s,thereportprojects.Afterthat,surveyrespondentsdisagreeoverwhetherthisgenerationwillfollowintheirparents，footsteps,movingtothesuburbstoraisefamilies,orwillchoosetoremaininthecitycenter.AnotherissueaffectingrealestateinthecomingyearwillbeAmerica’sfailinginfrastructure.Mostroads,bridges,transit,watersystems,theelectricgrid,andcommunicationsnetworkswereinstalled50to100yearsago,andtheyarelargelytakenforgranteduntiltheyfail.Thereport’swritersstatethatAmerica’sfailuretoinvestininfrastructureimpactsnotonlythehealthofthereal-estatemarket,butalsoourabilitytoremaingloballycompetitive.Apartfromthespecifictrendshighlightedabove,whichcausesomeinvestorstoworry,thereportportraysanoveralloptimismbornebytherecenthealthyreal-estate“upcycle”andimprovingeconomy.Seventy-fourpercentoftherespondentssurveyedreporta“goodtoexcellent”expectationofreal-estateprofitabilityin2015.Whileexcessiveoptimismcanpromotebadinvestmentpatterns,resultinginareal-estate“bubble,”thereport’swritersdownplaythatpotentialoutcomeinthatithasnotyetoccurred.Whatcharacterizes“24-hourcities”likeNewYork?