Real Estate Development, Changing with The World

To remain static is to go backgrounds. Real estate development trends are always changing and they have to. As society changes the property development needs of a community do too. One of the major factors which can affect real estate is price. But there is much more to it than this. However, that seems a good place to start.

apartmentSmaller Floor Space

As costs have rapidly increased in many areas particularly large inner cities, real estate development has reacted to this by creating smaller properties. Doing this allows people to still be able to afford to get on the property ladder. This has come about as there has been a dip in many countries first home buyer numbers and this is obviously not beneficial to real estate developers. Extreme examples such as Tokyo and Hong Kong sell family flats which are even smaller than 15 square metres. When cost of living combined with house prices are so high this has been the only way to attract more property purchasing.

shopping-trendChanging Shopping Trends

If you look at many high streets in towns and even some cities over the last few years it is quite notable that many retailers are moving away. High street shopping became superseded in many areas by large out of town retail parks. This caused many smaller stores to move or even close. Another example of how shopping trends have changed is larger cities and the rise in number of shopping malls. These are as much social hubs as they are places to shop and they can be so vast that you can spend an entire day there. Online shopping has also changed the shopping habits of societies and so now the retail development is very different to how it was only a few years ago.

Condominiums

condominiumdominated by condominium construction. The ground space which needs to be purchased will be minimal compare to the return you can expect to receive by constructing thousands of condo flats to buy or rent. Many of these developments will incorporate pools, amenities such as shops, hair dressers etc. and are almost self-contained. As a way of making a low risk high return, condominium development still seems to be the route to go in many places.

Changing Working Methods

A great many people work electronically now and so the work locations can be almost anywhere. Many developments are taking into account that people want communal workspaces and coffee shops with Wi-Fi and cable points so that they can work there on their computer. Whereas once before there might be a need for large office developments as new workers are attracted to a location it can often be the case that these people will float around and work satellite still and so the need for office space has reduced. As a real estate developer you need to keep abreast of all of these sorts of changes and we have seen how there are many ways in which they are reacting to them.