In recent years, commercial real estate has been on the upswing.
While numerous industries have also seen success, few have experienced the magnitude of growth experienced in the real estate sector. This past month, the Bureau of Labor Statistics reports that the sector saw yet another round of job growth, employing a reported 2,041, 900 real estate professionals as of May 2014. Likewise, real estate values are close to reaching their pre-recession peaks, indicating positive trends throughout the market.
“We are excited to be in the market at a time when our expertise in apartment communities, office buildings, and retail and industrial buildings is much needed in this growing market“, says Jessica Dawkins, Executive Assistant at CBC.
In a market that is ever-changing, trends are inevitable. Lucky for us, these are the kind we like to see. Here are the top 5 commercial real estate trends to keep on your radar in 2014:
- Apartments. Rental properties are gaining popularity in most U.S. cities with Millennials, who seek walkable urban environments, driving much of the demand.
- Seller’s market. Due to high competition, property values seem to be increasing by the minute, leaving the ball in the seller’s court.
- Industrial Buildings. Warehousing will start to see a boost in 2014 as companies aim to shorten their supply chains by building vast fulfillment centers, enabling same-day delivery.
- Senior Housing. Particularly relevant in our home state of Florida, senior housing or retirement living complexes are likely to see gains as an increasing number of Baby Boomers start entering retirement.
- Technology. More and more property managers are turning to real estate software to manage current projects and search for new properties. Moving into 2014 these tools will increase in importance.
Which of these do you think shows the most promise for the market?