Trends occur in everything from clothing styles to new car features. In commercial real estate, trends relate to populations, popular lease options, and what amenities and important qualities customers are looking for in properties to lease. This year, commercial real estate brokers are already seeing some trends that are affecting the demand for certain properties - which both landlords and tenants should notice.
Commercial Demand in Urban Areas
Currently, one of the most significant trends in commercial real estate is urbanization. Where only a decade ago many companies were expanding to the suburbs because of continued economic changes, this has changed - with businesses headed toward the cities once again. Part of this is due to the shift in population, with much of the workforce also moving closer to more urban areas to reduce commute costs and time. As companies have followed this trend, the demand for commercial real estate in these areas has grown.
Smart technology is showing up everywhere, and this is becoming a draw for many commercial tenants for both the convenience, and the money savings this technology can offer. Buildings that are networked and data-driven to include things like automatic security, lighting, and climate control systems, as well as green energy, are becoming more popular and desirable. Smart buildings make building management easier overall, and help keep utilities and maintenance costs lower - a definite draw in today's world.
Since commercial lease rates generally do not go down, many commercial real estate brokers are finding that the growing trend to combat this is either downsizing, or increasing occupancy density. Basically all this means is that companies are using smaller spaces for the same number of employees, and using the most creative ways to do so. When square footage per employee goes down, it is important to find the best ways to accommodate people without causing a negative effect. This is where open offices, shared workspaces, and other ideas in commercial office space become important. The current demand is more for less - so a well-designed office space is important.
Lower Occupancy Costs
Smart technology and higher density lend to the idea of lower occupancy costs. But companies are looking for more than this. Green energy, efficient buildings, and other ways to keep utility costs lower are a priority today, with companies searching for the most efficient spaces possible. Energy-efficient upgrades and improvements are scoring high on the list of expenditures, both for long term tenants and commercial real estate owners.
All of these things point to one main trend occurring in today's in commercial real estate - the need to have the most efficient possible office space in order to keep occupancy and operating costs as low as possible. Commercial real estate brokers suggest that improving older buildings as an attractive option for landlords, so they can attract the best tenants. For companies looking for space, the demand for more modern, urban commercial space has resulted in an increase in commercial buildings in many markets - providing many new options for business owners!
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