Commercial Real Estate is changing! According to an article by ALM Real Estate Media Group, there are six trends all professionals or investors should look for.
1. The Aging Population
As the Baby Boomer Generation ages, urban cities and healthcare are having an increasing impact. According to Jonathan Smoke, realtor.com®'s chief economist, "The interesting trend is that the places where many young people want to live are the same places where many retirees want to live". Urban cities provide more walkable living and more condominiums for Empty Nesters.
2. Millennial Impact
Millennials are also jumping on the urban-living bandwagon. This group is retail-driven and look for quality restaurants and shops. They want to be in the middle of entertainment.
3. A Conscious Emphasis on Workforce Diversity
Corporate America is becoming more inclusive every year. As more women and minorities join the business world, the commercial real estate industry is becoming more diverse.
4. Increasing Focus on New Urbanism and Transit-Oriented Developments
Following in suit with our first trends, this trend involves one major thing: People love cities! This increase in urban population has spiked transit use and driving services like Lyft and Uber.
6. Flexible/Mobile Workforce
More and more businesses are able to function with remote team members. This means that the workplace is changing from a daily space of work to a formal office area for meetings.
Starboard Realty Advisors, LLC is a team of commercial real estate experts. As a privately held and fully integrated real estate firm, we have more than 35 years of hands-on experience.