subject: Future Trends In Real Estate [print this page] Future Trends In Real Estate Future Trends In Real Estate
The retail sector has been under threat from web-based businesses for some time now, that is not new. But post-property boom, there will be a surge of businesses centred around technology especially with the rise of social media, Web 2.0, and Web 3.0. Everything you could ever want to buy is available through an online shop like Los Angeles Condos of some sort, if not already available on one of the giants such as Amazon or Ebay. Joining music sales on the internet will be books and probably movies. Electronic book readers have been available for some time, but Amazon's Kindle and the provision of more books in electronic form will impact the publishing industry and conventional book shops. Films and television programmes are already available on-line for streaming or download, in most cases illegally.
1. The lines between property types blurring
Productive powerhouses such as Google already blur the lines between work and play. The theory behind providing leisure, entertainment, and catering facilities on-site was to improve employee productivity. I believe the lines between property types will blur in the future for a different reason and that is the greater consciousness to seek work/ life balance. In addition to this, collaborating in a shared space creates good cross-selling and cross-purpose opportunities, creating better, more efficient use of space. Cafs in bookstores are not a new idea, but we are increasingly seeing music stores as live music venues, bookstores and offices as lecture theatres, and bars as art galleries for example.
2. Bigger living spaces
This is perhaps more a hope, but it could be a trend. In boom times, living spaces shrank as developers tried to fit as many units as possible on a single footprint of land. But personal living space will become increasingly important for work/ life balance. As well, budding entrepreneurs and nascent new businesses will be more prevalent with people working from home, requiring more space for a greater definition of living space and home-office space.
3. Sustainable buildings will be standard not niche
The property markets are quiet, but sustainable building techniques and clean technology are at the forefront. It goes without saying that if you construct a non-green, energy inefficient building now, you are already building into obsolescence. Occupiers find value in sustainable buildings and are directly affected in terms of lower property running costs. This global consciousness also needs to filter through to financiers so that we start to see bank-led and funding-led decisions insisting upon sustainable practices in real estate development, investment, management, occupation, and operation. Hopefully we will also see more eco-refurbishment of older buildings, renovation and building improvements to bring older buildings up to energy and resource efficiency like their newer counterparts.
