Oftentimes, the places where we live and work are a reflection of ourselves as human beings and the societies we live in. From the cavemen of prehistoric times to the possibility of hubs on other planets, our homes and offices play a vital role in who we are.
With that in mind, let us explore three trends in residential and commercial real estate.
Durability, Affordability, and Looks
According to historical estimates, the first columns used in construction date back to the Bronze Age, more than 5,000 years ago. At the time, they were used as a secondary support system for the roofs of relatively small buildings. Fast forward 50 centuries and their influence is still seen in the modern corporate edifices of today, the finest of museums, and even in homes.
To say the invention of the pillar was a key moment in the history of architecture is perhaps the biggest understatement of all time. Aside from saving valuable amounts of space, columns require minimal use of construction materials, provide better access to natural light, are equally resistant to the elements as brick walls, and are cheaper.
Like ancient times, the real estate industry focuses today on three key elements concerning construction and design. They are durability, affordability, and looks. For instance, suppliers of polycarbonate sheets are in great demand, as many commercial and residential properties want to have skylights that not only guarantee efficiency in blocking ultraviolet rays but also aid in the transmission of light, the reduction of energy costs, and the creation of a more comfortable, visually appealing environment. They are also lightweight, high in impact resistance, and more flexible.
Other examples include metal composite materials, such as carbon fiber, translucent wood, self-healing materials, and self-compacting concrete.
Back to the Burbs
The effects of the COVID-19 global pandemic can be seen in all areas of society. Whether you look at manufacturing, the service sector, retail, business-to-business suppliers, education, or science, there isn’t a single industry that hasn’t been affected by this treacherous virus.
The same is true for real estate, one of the biggest and most important spheres of influence to any village, town, city, or country. In the past year, dozens of companies have gone bankrupt, and millions have been left unemployed. Also, the less-than-ideal economic conditions have led to a decrease in housing and commercial estate prices like we have never seen before and will probably never see again.
Still, it is not all doom and gloom. Amid the negativity, a clear trend in consumer purchasing decisions is taking form — the mass exodus out of the city and into the suburbs.
There are several reasons why this is happening. First, many people now work at the convenience of their own homes. As such, proximity to their office or place of employment is no longer necessary. Second, real estate prices far from downtown provide citizens with bigger, more affordable options at very similar levels of convenience. Finally, the suburbs will always grant homeowners better environmental conditions to live and raise children.
Multifunctionality and Technology
In highly developed, metropolitan locales, such as Tokyo, Singapore, Seoul, and New York City, it isn’t strange to find residential buildings directly linked to subway stations. If you live in one of them, all you need to do is take the elevator down, walk a few yards, and hop on the train to work. Even better than the convenience of time and staying indoors is the fact that these public transportation hubs are not noisy, no matter how close they are to your living room.
While this is nothing new, residential real estate corporations continue to push the envelope to build amenities. There are not only more of them, but they also provide more comfort, accessibility, luxury, and privacy to residents. Some examples of these are convenience stores, restaurants, bakeries, and other food vendors located on the first and second floors of condominiums. There are also fitness centers, hospitals, daycare centers for children, meeting rooms, saunas and spas, and even hair salons and pubs.
It doesn’t stop there. We cannot achieve multifunctionality and convenience without the backing infrastructure that only technology can provide. Along with silent elevators, high-speed internet connections, the residential buildings of today also support work-from-home arrangements regardless of job or industry, self-sustaining facilities, and energy-efficient cooling and heating systems.
Three important trends in the real estate industry are durability, affordability, efficiency. These aspects involve construction materials and processes, the move back to the suburbs, and a blend of multifunctionality and technological development in residential facilities. As societies continue to advance and as design becomes more paramount, they are sure to define many aspects of the industry for the foreseeable future.