30 years ago, a telephone was expected to perform a singular function. It had only one job: It placed calls that allowed two parties to speak directly to each other.
Fast forward to today and compare how vastly different our modern expectations are. In addition to the ability to place calls, we now expect our phones to take photos, access email, send texts, surf the web, play music, and countless other actions, all while travelling around with us in our pocket. If you woke up tomorrow and your Smartphone lost all its functionality except for voice calling, you would assume it was broken. You might even rush out to buy a new one.
When we consider this example, we can begin to similarly understand how our demands on real estate housing have changed over the last several years. Sky high real estate prices, an aging population, digital requirements, and the sharing economy have all left their imprint on our real estate expectations. As a society, our definition of “home” is changing, and the real estate industry is quickly developing new, multipurpose solutions to meet expanding needs.
For current and prospective real estate investors and developers, the key to a successful ROI lies in understanding these changing expectations, and choosing projects that support the direction of the next decade and beyond. To gauge which properties will stand the test of time, it’s helpful to gain an understanding of the trends shaping the opportunities of tomorrow.
In this article, Zeifmans’ Real Estate team explores their top innovative real estate opportunities in 2020, which include:
- Multi-purpose spaces and the sharing economy: co-working, co-living, and multi-functionality spaces, including lane way housing
- Service-oriented real estate: importance of transit, use of technology, and etc.
- Beds and Sheds: community impact, leasing strategies and etc.
- What industry players need to know to succeed as the real estate industry transitions to meet today’s demands and expectations