The real estate market is a constantly evolving industry. What was selling three years ago may not be something buyers are looking for today. Commercial real estate shares similar ebbs and flows, but there are a number of variables at play. From city to federal business laws taking shape to the kind of products consumers demand, there are always new requirements needed for companies. If you specialize in commercial real estate it is important to know what these trends are. This way, you’ll be better prepared to help service your clients and to connect with prospective commercial property buyers. To help, here are the latest commercial real estate trends in 2020.
There are new technological features being utilized in commercial real estate. Of all the commercial real estate trends in 2020, the biggest might be the use of new technology. Artificial intelligence is not just for video gamers. It is being used in the manufacturing world to help with constantly evolving production requirements. A.I. makes it possible for the production equipment to adapt and learn on the fly, which makes it more cost-effective while cutting down on production time.
Smart technology is also being utilized as well. Smart technology makes it easier for HVAC systems to adjust to temperature requirements or for business owners to control production or just about every other aspect of their building from a smartphone (even if that smartphone is on the other side of the planet).
People are more aware of their carbon footprints and environmental impacts now than ever before. Not only are companies looking for ways to improve how green they are but it has become a major selling point for customers as well. Due to this, the ability to improve carbon emissions and cut down on waste is a major selling point for companies. Not all commercial properties were initially built with green production in mind, but it doesn’t mean they can’t be outfitted for this purpose. Pointing out the green potential of a particular building is helpful.
In order to help with this selling point, it can be helpful to have environmental impact information on hand. Sometimes new business owners may not know exactly how they can use a building and what it will take to go green with it. By offering this information right out of the gate it makes it that much easier for them to envision what is needed and how it can be adapted to fit their business needs.
One of the fastest-growing segments of commercial real estate is in the medical field. Start-ups and small businesses are starting to pop up where larger companies had dominated the space for some time. With the continued development of 3D printing, it is now possible for businesses to produce items within a smaller space. However, even though 3D printing is possible many facilities still require extensive HVAC systems in order to filter out all dust and pollutants from the air.
Most medical facilities do have specific air quality and temperature requirements. These requirements are far more stringent than what other industries require. However, because medical retail is such a fast-growing industry it makes any kind of commercial property designed for such needs that much more valuable. When looking at different commercial real estate trends, medical facilities continue to play a major role in the continued evolution of property sales trends.
The traditional office space has seen a steady decline over the years. The combination of the Internet and cloud services makes it possible to work from anywhere in the world. However, there are still times when a business will need to have a physical location. Despite this, businesses will not want to purchase or rent out an office space if it is not going to be regularly used. This is where coworking spaces have come in. There are a few variations of the coworking space. This might just be an open area where business professionals from different companies come into work. Think of it as a coffee shop but for a handful of businesses. Employees from these different companies come and go as they please.
Another variation of this is space can be rented out for short periods of time by businesses. A company can have its official business address listed here (which is beneficial over listing a residential home address). There may also be conference rooms for when an in-person conference is required or when meeting up with a possible customer. This allows a business and its employees to work wherever necessary but still have a central meeting location when it is needed. These kinds of shared workspaces often have break rooms and other services offered to help make it more enticing for the particular business to sign up. So while traditional office space is going away, these shared spaces are popping up all over the place.
Connect With Your Future Commercial Real Estate Buyers
If you work in the commercial real estate business you may find it difficult to bring in new clients. Word of mouth in the commercial space is a bit different from residential. You won’t have as many repeat clients and you probably won’t have as many word-of-mouth referrals. However, that doesn’t mean you can’t be active in connecting with potential clients who are looking to move into your home base area.
With the help of RealProcity, you can make it easier to locate business owners who are looking to move into your area and are in need of an experienced and knowledgeable commercial real estate professional. This powerful tool makes it easier than ever before to connect with business owners through referrals. Combined with information on the latest commercial real estate trends you will be able to pinpoint the best properties for your clients. So, if you’re ready to take your commercial real estate practice to the next level now is the time to look into what RealProcity can do for you.