The commercial property market of the United States has made a significant comeback. But along with the recovery, came several changes that have now become trends in the industry.
In the 48th annual conference for the National Association of Real Estate Editors, experts discussed the various trends office building are adopting to become more attractive. Culture Map compiled a list of the most interesting trends that are taking over the real estate market and we sieved through the list to bring out the commercial real estate developments.
As more companies strive towards hiring millennials (people aged between 18 and 33) bike racks have become an office building staple.
2. Pet Facilities
Pet friendly buildings have become all the rage, not only in multifamily structures but office buildings too. Dog-walking and pet-sitting services have become much popular with prominent developers adding these facilities to office buildings.
3. Fitness Facilities and Environment
With a large number of Americans struggling with obesity and other lifestyle-related health problems, access to fitness facilities and indoor work environment quality has become important. Most office building these days have gym facilities and access to parks and greener areas nearby. Indoor air-quality and temperature regulation have also become vital.
While these were some of the popular tangible trends taking over the office real estate market, a prior report by Urban Land Institute and PWC forecasted some emerging trends that will take over the commercial real estate market in 2014.
“Commercial real estate is reaching an inflection point where “valuations will no longer be driven by capital markets”,” the report stated.
It also added that industry bigwigs believe, 2014 will be a year of “space market fundamentals and property enhancements.”
Indeed, commercial real estate market has come roaring back in most of the states and experts expect it to keep mapping a steady growth.
“Money has come back into the real estate market,” Bob Solfelt, vice president and general manager with Golden Valley-based Mortenson Development, a partner on the Mall of America project told Minnesota Post.
“There are investment partners, both equity and debt, that make some of these projects feasible.”