The key to being successful in commercial real estate in New York City is being able to anticipate trends and tailor one's efforts to meeting the needs that come with them. For real estate investors and financiers, knowing how these work can mean the difference between abundant success and potential failures.
A recent globest.com article highlighted three important trends that could influence how real estate development will go in the near future. This post will briefly explain them.
Generation specific housing – The baby boomer population is getting older; and with it will come the need for more assisted living and senior residences. It is expected that this segment of the population will grow to more than 60 million over the next 20 years. Because of this, know where to build these facilities and how to obtain financing for them are crucial questions.
Co-urbanism – As we have noted in prior posts, being able to have retail outlets next to or in close proximity residences. While developers generally do a good job of this in New York City, more multiuse properties will be needed as working and shopping priorities continue to change.
Cyber risks – Developers continue to entice tenants with the latest technological advancements. “Smart” buildings that are energy efficient, monitor movements and can control environments easier are significant draws. However, these buildings must be protected from unauthorized access through cyber attacks. These protections may require additional funding.
As such, having experienced legal counsel is essential to guide developers as they look to secure financing for trending projects.