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SAN FRANCISCO—“We saw the whole Millennial thing coming about six years ago, and tried to figure out how to do more with less. There was a big push to urban and the challenge was how we satisfy the Millenials by giving them what they want, but still delivering a product that still delivers financially.” So said Brian Fritz, SVP of development at Avalon Bay Communities Inc., who served as a panelist during a PCBC session Wednesday here in San Francisco. “One of the common themes is that they will accept less space, but they still want quality.”

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