Demographic shifts — the impact of retiring baby boomers and the rise of the millennial generation — will likely have the most significant impact on real estate near- and long-term.

That is the conclusion of a Counselors of Real Estate report that identifies the top 10 issues that will affect real estate development and investing during 2015–2016. Several of the issues on this year’s list are interrelated and affect multiple property sectors. The top 10 factors cited are:

Demographic shifts: Two key groups — large numbers of retiring baby boomers (born between 1946–1964), and the next large population wave, the millennials (born between 1980–2000) — will have the greatest impact on real estate through the lifestyles they choose in coming years, casting a spotlight on housing in all its forms.

Excess capital supply: Funds continue to flow from foreign countries to purchase U.S. real estate. The supply is driven by