Factors such as modern technology, automation, e-commerce, and an increasing population continue to transform the real estate industry, bringing new challenges and opportunities each day.
Here are the top real estate trends and predictions for the future of commercial real estate in America:
The Shift toward E-Commerce:
With the rising popularity of online shopping, there has been a definite shift in demand for retail properties. Large retailers are now looking for industrial real estate that includes warehouses, logistics, and shipping spaces that will allow them to focus on e-commerce.
While the retail industry is very much alive and kicking, online shopping is encouraging retailers to invest in warehouse facilities instead of physical store locations.
Growing Number of Millennials:
Baby boomers were once the largest demographic in the United States. However, within the next couple of years, millennials are poised to outnumber them. This growing number of millennials has triggered a large shift in the population toward suburban and secondary markets. There is also a sharp decline in the number of homeowners, as millennials are opting for apartments instead of purchasing houses.
The mass exodus has created a demand in the market for apartment building and multi-family housing developments that offer high-end amenities to attract millennials and other sophisticated buyers.
With the increase in awareness campaigns and serious reports on climate change, the commercial real estate industry is showing a renewed focus on sustainable practices. There is a rising trend of introducing energy-efficient and green options within commercial real-estate to counter the effects of global warming, as well as to cut down the operational costs of buildings.
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