Trends In Large-scale Commercial Real Estate

Its important for Minneapolis construction companies to stay on top of the changes

, trends and happenings in both the local and national commercial real estate scene. Below are a few of the more recent movements in the industry, particularly as it applies to large-scale commercial property development.

Eco-friendly trends

The watchword for Minneapolis construction companies right now is "green," and this is not referring to money. Consumers and corporations alike are working towards reducing their harmful impact on the environment, and one of the best ways to do this is by constructing buildings that are more energy efficient. Using recycled materials in construction, installing CFL lighting instead of incandescent lights and adding solar panels are just a few ways to make a building more green. The council on Leadership in Energy and Environmental Design (LEED) certifies buildings that it deems to meet its performance standards. Making a building LEED certified is an accomplishment that Minneapolis builders can be proud of.

Mixed-Use Retail

The days of the shopping mall are seemingly on the decline, being replaced by mixed-use retail space that includes dining, retail and other businesses with residential space. Minneapolis builders hired to create a mixed-used space will take several factors into account. Among the chief concerns to builders and consumers is the areas walkability and proximity to other attractions. Making areas more pedestrian-friendly also goes hand-in-hand with the eco-friendly trend, as people rely less and less on cars to go about their daily errands. It reduces the urban sprawl seen in many suburbs across the country and also lends a certain "small town" charm to even the most urban location.

Lifestyle Centers

Minneapolis construction companies should also take note of another trend on the horizon that is similar to mixed-use retail: lifestyle centers. Lifestyle centers make it convenient for shoppers to get everything they need in one stop, and usually target a wealthy and upscale client base. These areas include specialty boutiques, upscale chain stores like Saks Fifth Avenue or Nordstrom, fine dining and entertainment, and become the social hub of the city. Lifestyle centers can range from 80,000 square feet to nearly 800,000 square feet, and are situated on prime real estate that is close to main traffic thoroughfares.

Repurposing Existing Space

Sometimes a new mall comes to a town and eclipses the older one that has stood for decades. Consumers stop coming and in turn, retailers within the mall are forced to shut down. A "dead mall" can drag down surrounding retail locations as well, so its important to stop the virus before it spreads. Malls that are facing steadily increasing vacancy rates can call on a Minnesota general contractor to transform an outdated building into a more trendy one as a way to draw in foot traffic and avoid demolition. Many malls across the country have taken portions that were previously enclosed and turned it into an open-air market. Some of these new open-air markets even feature retractable roofs to take inclement weather into account.

Minneapolis construction companies can put a new shine on an old retail space by getting creative. Turning a portion of a dead mall into a community center, farmers market, entertainment venue or more will not only revitalize the property but also instill a sense of community among consumers. Repurposing also goes hand-in-hand with eco-friendly efforts, as its greener to reuse an older building instead of using materials and energy to build a new one.

by: Corwin Smith

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