The world is in a period of increased urbanization. In 2018 the United Nations published a report estimating that that 55% of the global population was living in an urban area and that, by 2050, this proportion will increase to 68%. Urban population growth has driven up land value and the costs associated with residential building construction. For most, living in an urban area means residing in a multi-unit residential building (MURB).
As the costs related to urban residential development have increased, the average unit size has decreased so that it can be afforded by as broad a market as possible. For example, a typical two-bedroom-plus-den unit in one of Toronto’s older stock of residential buildings is usually around 1,000 square feet. Current residential developments fit the same program into roughly 750 square feet.