On the other hand, some things that take a lot of space are easier to replace these days. Books? I have a lot but I'm not buying a lot of physical books these days. Video collections? How many DVDs have you bought in the past year? TVs are thin, headphones are common, no need for that big multimedia cabinet that used to hold a TV, stereo and media storage.
This is also going to tend to push some people towards "third spaces" for socializing with friends. There's a very active Starbucks near me that's open until midnight, always packed, and which in addition to a bunch of tables full of laptops has several divided off areas with armchairs that regularly have small groups chatting.