As the real estate industry continues to evolve, innovative changes are taking place in property development. The upcoming trends can be used as solutions to real estate challenges such as increased energy consumption, project delays, high cost of living, and more. Below are some property development trends that are impacting the industry.
Sustainable development is becoming an important aspect of property development. More investors and property developers are focusing on constructing more sustainable residential, commercial or mixed-use buildings.
Sustainable real estate development solutions are being incorporated to reduce carbon emissions and create eco-friendlier structures.
Other than using construction designs and materials that increase energy consumption and carbon emissions, real estate developers are focusing more on greener solutions. Some of the sustainable construction materials being used include:
Eco-friendly real estate development focuses on reducing energy consumption, creating affordable housing through lower utility bills and water conservation.
The evolving construction industry is promoting the innovation of new and modern construction techniques. Design-build and turnkey construction delivery methods are becoming popular in real estate development.
The need for effective cost control and the timely completion of construction projects is driving more property developers to embrace design-build services.
Offsite construction methods like pre-cast concrete assemblies, modular construction, panelized construction, and others have become popular in real estate development. Offsite projects lead to quicker project completion and a lower carbon footprint.
Real estate development focuses mostly on residential or commercial construction. Residential real estate involves the development of property intended for residential purposes such as apartments, condos, multi-family homes, condominiums, etc.
On the other hand, commercial real estate is property used for commercial purposes such as healthcare facilities, hotels, office buildings, retail stores, and more.
However, there has been a rise in the development of mixed-use developments. Such developments encompass both residential and commercial construction. For instance, the construction of residential apartments and retail stores within the same building.
Developers are also repurposing residential property into commercial real estate and commercial property into residential real estate.
The Internet of Things (IOT) is revolutionizing the real estate industry. More real estate investors and real estate developers are venturing into smarter real estate solutions. IoT is making real estate management easier by automating building management systems. For instance, preventative maintenance sensors reduce costly HVAC repairs and replacements.
About 73% of real estate businesses are using IoT to reduce operational costs in real estate. The Internet of Things has a considerable impact on real estate property value. Incorporating IoT in real estate increases property value and improves energy efficiency in residential and commercial properties.
Keeping up with real estate development trends can help you make informed decisions about property investment. Mixed-use developments, sustainable construction, IoT, and modern construction techniques are some of the trends that are positively impacting property development. For more assistance, don’t hesitate to contact us today.
